The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members' art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League. The post-closing trial balance for the Art League as of June 30, 2019, is shown here.

ART LEAGUE
Post-closing Trial Balance
June 30, 2019
	Debits		Credits
Cash	$	2,455
Short-term Investments		13,711
Grants Receivable		6,200
Prepaid Expense		1,300
Equipment		10,145
Allowance for DepreciationEquipment					$	2,586
Long-Term InvestmentsWith Donor Restrictions		5,927
Accounts Payable and Accrued Expenses						2,809
Deferred Revenue						4,400
Net Assets Without Donor Restrictions						9,171
Net Assets With Donor RestrictionsPrograms						14,845
Net Assets With Donor RestrictionsPermanent Endowment						5,927
Totals	$	39,738			$	39,738

Following is information summarizing the transactions of the Art League for the year ended June 30, 2020.

1. During the year, unrestricted cash was received from the following sources: grantsdetermined to be non-exchange transactions, $13,200, of which $5,400 had been reported as receivable on June 30, 2019; annual contributions from fund drives and other unrestricted gifts, $14,021; membership dues, $17,085; tuition and fees for educational workshops, $7,134; and sales of members' art, $12,170, of which 20 percent represents commissions earned by the Art League.
2. Interest earnings were as follows: interest on investments without donor restrictions totaled $702; interest on investments restricted for programs totaled $941; interest on investments in the permanent endowment totaled $360 (these investment earnings are restricted for program use).
3. Grants receivable of $5,340 were recorded at year-end on a grant to complete and deliver a survey of art programs conducted in its county (the grant was determined to be an exchange transaction). Of the $5,340 the Art League had invoiced, $3,280 related to work done this year with the remaining $2,060 to be completed the first part of the new year and thus was reported as deferred revenue at year end.
4. The Art League receives free rent from the city at an estimated value of $19,600 a year.
5. Expenses incurred during the year were as follows: salaries and fringe benefits, $48,500; utilities $3,240; printing and postage, $1,470; and miscellaneous, $800. As of year-end, the balances of the following accounts were Prepaid Expenses, $1,000, and Accounts Payable and Accrued Expenses, $2,986.
6. During the year, $3,700 of short-term investments were sold, with the proceeds used to purchase two computers and a printer at a cost of $2,995. The resources used were restricted for the purchase of equipment.
7. In accordance with the terms of the Art League endowment, income earned by the endowment for the provision of free art instruction for children with disabilities was provided at a cost of $985. This amount was allocated to community art education.
8. Depreciation on equipment in the amount of $1,802 was recorded.
9. Expenses for the year were allocated 30 percent to Exhibition Program, 30 percent to Community Art Education, 25 percent to Management and General Expenses, and 15 percent to Fund-Raising.
10. Proceeds of art sales, net of commissions charged by the Art League, totaled $9,736. This amount was paid to member artists during the year.
11. All nominal accounts were closed at year-end.

Required

1. Make journal entries to record these transactions. Expense transactions should be initially recorded by object classification, unless otherwise instructed; in entry 9, expenses will be allocated to functions.(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

No	Transaction	General Journal	Debit	Credit
A	01	Cash
		Grants Receivables		6,200
		Membership Dues		17,085
		Tuition and Fees		7,134
		Commission Revenues		2,434
		Payable to Artists		9,736
B	02	Cash	2,003
		Investment IncomeWithout Donor Restrictions		702
		Investment IncomeWith Donor Restrictions		1,301
C	03	Grants Receivables	5,340
		Contributions		3,280
		Deferred Revenues		2,060
D	04	Rent Expenses	19,600
		ContributionsWithout Donor Restrictions		19,600
E	05	Salaries and Benefits Expenses	48,500
		Utilities Expense
		Printing and Posting Expense
		Miscellaneous Expense
		Cash
		Prepaid Expense
		Accounts Payable and Accrued Expenses
F	6(a)	Cash	3,700
		Short-Term Investment		3,700
G	6(b)	Equipment	2,995
		Cash		2,995
H	6(c)	No Transaction Recorded
I	7(a)	Community Art Education	985
		Cash		985
J	7(b)	Net Assets ReleasedSatisfaction of Purpose RestrictionWith Donor Restrictions	985
		Net Assets ReleasedSatisfaction of Purpose RestrictionWithout Donor Restrictions		985
K	08	Depreciation Expense	1,802
		Allowance for DepreciationEquipment		1,802
L	09	Exhibition Programs
		Community Art Education
		Management and General
		Fund-Raising
		Rent Expense		19,600
		Salaries and Benefits Expense		48,500
		Utilities Expense		3,240
		Printing and Posting Expense		1,470
		Miscellaneous Expense		800
		Depreciation Expense		1,802
M	10	Payable to Artists	9,736
		Cash		9,736
N	11(a)	ContributionsWithout Donor Restrictions
		Membership Dues	17,085
		Tuition and Fees	7,134
		Commission Revenues	2,434
		Investment IncomeWithout Donor Restrictions	702
		Net Assets Without Donor Restrictions
		?
		Community Art Education
		Management and General
		Fund-Raising
O	11(b)	Investment IncomeWith Donor Restrictions	1,301
		Net Assets With Donor Restrictions		1,301
P	11(c)	Net Assets With Donor Restrictions
		Net Assets ReleasedSatisfaction of Purpose RestrictionWith Donor Restrictions
Q	11(d)	Net Assets ReleasedSatisfaction of Purpose RestrictionWithout Donor Restrictions
		Net Assets Without Donor Restrictions