The Concord Historical Society is a not-for-profit organization whose mission is the preservation of Concords historical treasures. During the year, the Society recorded a number of financial activities. Prepare journal entries for each of the following activities:

a. The Society recognized the following support and revenues (the contributions are all on account and the investment returns are in cash):

Supportcontributions (without donor restrictions)	$4,200,000
Supportcontributions (with donor restrictions)	487,500
Revenuesinvestment (without donor restrictions)	28,800
Revenuesinvestment (with donor restrictions)	115,200

General Journal
Description	Debit	Credit
Cash	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
Supportcontributions (without donor restrictions)	Answer	Answer
Supportcontributions (with donor restrictions)	Answer	Answer
Revenuesinvestment (without donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer

b. The Society recognized program expenses of $3,900,000 and expenses related to support activities of $555,000, both on account. Of the program expenses, $300,000 was paid from net assets with donor restrictions and used in compliance with the donors stipulations.

Description	Debit	Credit
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
To release net assets from restrictions.
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
Expenses-support	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
To record recognition of expenses.

c. The Society acquired $195,000 of long-term assets during the year and recorded $135,000 of depreciation expense (record the net increase in long-term assets to the plant, property and equipment, net account). Depreciation expense will be allocated to program and support expenses at the end of the year.

Description	Debit	Credit
Property, plant and equipment, net	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer

d. The Concord Historical Society purchased $90,000 of investments during the year.

Description	Debit	Credit
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer

e. The Society collected $4,500,000 of contributions receivable and used the cash to pay $4,350,000 of accounts payable.

Description	Debit	Credit
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
To record collection of cash.
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
AnswerCashContributions receivableDepreciation expenseExpenses-programInvestmentsNet assets released from restrictionswith donor restrictionsNet assets released from restrictionswithout donor restrictionsPayablesRevenuesinvestment (with donor restrictions)	Answer	Answer
To record payment of payables.