The Evangelical Private School follows FASB standards of accounting and reporting. 1. Cash contributions were received as follows: (a) $1,110,000 for any purpose desired by the school, (b) $302,500 designated by donors for salary supplements for school faculty, (c) $419,000 designated by donors to be used during the next fiscal year in any manner desired by the school, (d) $605,000 designated by donors for the construction of a new auditorium, and (e) $404,000 designated by donors to be invested permanently, with the income to be used as desired by the school. The school's policy is to record all restricted gifts as with donor restrictions and then reclassify when the restriction is lifted. 2. The school expended $400,000 of the $1,110,000 mentioned in 1(a) for school furniture. 3. The school expended the $282,250 for salary supplements as directed by the donor in 1(b). 4. The $419,000 in 1(c) was retained for use next year, as directed by the donor. 5. $785,000 was expended for the construction of the new auditorium, 6. The $404,000 mentioned in 1(e) was invested permanently, as directed by the donor, and in the year ended Jane 30, 2020, the school received interest of $19,190, none of which was expended. Record journal entries for the above transactions during the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record journal entries for the above transactions during the year ended June 30, 2020. (If no entry is requ transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 13 Record the entry for cash contributions received without donor restrictions. Note: Enter debits before credits. Transaction 1a General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 3 4 5 6 7 8 ..... 13 > Record the entry for designated cash contributions by donors for salary supplements for school faculty. Note: Enter debits before credits. Transaction General Journal Debit Credit 1b. Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 13 Record the entry for designated cash contributions by donors to be used during the next fiscal year in any manner desired by the school. Note: Enter debits before credits. Transaction 1c General Journal Debit Credit View general Journal Record entry Clear entry Journal entry worksheet < 2 3 5 6 7 8 ... 13 Record the entry for designated cash contributions by donors for the construction of a new auditorium. Note: Enter debits before credits. Transaction 1d General Journal Debit Credit Journal entry worksheet < 4 6 7 8 13 Record the entry for cash contributions to be invested permanently, as directed by the donor. Note: Enter debits before credits. Transaction 1e General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet < 1 2 3 4 5 6 s Record the entry for cash purchase of school furniture. Note: Enter debits before credits. Transaction 02 813 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 Record the entry for payment of salary. Note: Enter debits before credits. Transaction 6 8 13 ***** General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 3 4 5 6 7 13 Record the entry for reclassification of net assets as the salary payment was made to the school faculty. Note: Enter debits before credits. Transaction General Journal Debit Credit 3b Journal entry worksheet < 5 6 7 8 **** 13 Record $419,000 that will be reclassified at the beginning of next year as the expiration of time restrictions. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 Record entry Clear entry View general journal Journal entry worksheet < 5 6 7 8 9 10 13 Record $785,000 that was expended for the construction of the new auditorium. Note: Enter debits before credits. Transaction 5a General Journal Debit Credit Record entry Clear entry View general journal K Journal entry worksheet < ***** 6 7 8 9 10 11 13 Record the entry for reclassification of net assets as the new auditorium is constructed. Note: Enter debits before credits. Transaction 5b General Journal Debit Credit 7* Journal entry worksheet 1 6 7 8 9 10 11 12 13 Record the entry for cash paid for investments. Note: Enter debits before credits. Transaction 6a General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet 1 6 7 8 9 10 11 12 13 Record the entry for receipt of interest income. Note: Enter debits before credits. Transaction 6b General Journal Debit Credit Record entry Clear entry View general journal