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, 2022, is shown here. ART LEAGUE Post-closing Trial Balance June 30, 2022 Cash Short-term Investments Grants Receivable Prepaid Expense Equipment Allowance for Depreciation-Equipment Long-Term Investments-With Donor Restrictions Accounts Payable and Accrued Expenses Net Assets Without Donor Restrictions Net Assets with Donor Restrictions-Programs Net Assets with Donor Restrictions-Permanent Endowment Totals Debits Credits $ 2,595 13,311 5,800 1,240 9,945 $ 2,546 5,887 2,769 9,131 18,445 5,887 $38,778 $38,778 Following is information summarizing the transactions of the Art League for the year ended June 30, 2023.