*** The following journal entries are required *** 01. A business donated rent-free office space to the organization that would normally rent for $36,400 a
*** The following journal entries are required ***
01. A business donated rent-free office space to the organization that would normally rent for $36,400 a year.
02. A fund drive raised $192,000 in cash and $114,000 in pledges that will be paid within one year. A state government grant of $164,000 was received for program operating costs related to public health education.
03. Salaries and fringe benefits paid during the year amounted to $209,960. At year-end, an additional $17,400 of salaries and fringe benefits were accrued.
04. A donor pledged $114,000 for construction of a new building, payable of five fiscal years, commencing in 2022. The discounted value of the pledge is expected to be $95,660.
05. Office equipment was purchased for $13,400. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $11,000 was donated by a local office supply company. The furnitue has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restriction by INVOLVE.
06. Telephone expense for the year was $6,600, printing and postage expense was $13,400 for theyar, utilities for the year were $9,700 and supplies expense was $5,700 for the year. At year-end, an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,000.
07. Volunteers contributed $16,400 of time to help with answering the phones, mailing materials, and various other clerical activities.
8(a). Record the provision for uncollectible pledges.
8(b). Record the depreciation expenses for the year.
09. All expenses were allocated to program services and support services in the following percentage: public health education, 35 percent; community service, 30 percent; management and general, 20 percent; and fund-raising, 15 percent.
10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes.
11(a). Record the closure of all nominal accounts at year end.
11(b). Record the transfer of contributions to net assets with donor restrictions account.
11(c). Record the transfer to with donor restrictions account.
11(d). Record the transfer to without donor restrictions account.
Required information The following information applies to the questions displayed belowJ INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,400 a year 2. A fund drive raised $192,000 in cash and $114,000 in pledges that will be paid within one year. A state government grant of $164,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $209,960. At year-end, an 4. A donor pledged $114,000 for construction of a new building, payable over five fiscal years, 5. Office equipment was purchased for $13,400. The useful life of the equipment is estimated to be additional $17,400 of salaries and fringe benefits were accrued. commencing in 2022. The discounted value of the pledge is expected to be $95,660. five years. Office furniture with a fair value of $11,000 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE. 6. Telephone expense for the year was $6,600, printing and postage expense was $13,400 for the year, utilities for the year were $9,700 and supplies expense was $5,700 for the year. At year-end an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,000. 7. Volunteers contributed $16,400 of time to help with answering the phones, mailing materials, and 8. It is estimated that 90 percent of the pledges made for the 2021 year will be collected 9. All expenses were allocated to program services and support services in the following various other clerical activities. Depreciation expense is recorded for the full year on the assets recorded in item 5. percentages: public health education, 35 percent; community service, 30 percent; management and general, 20 percent, and fund-raising, 15 percent. 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts. Required a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10 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. Round the intermediate and final answers to the nearest dollar amount.) Required information The following information applies to the questions displayed belowJ INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2020. During the fiscal year ended December 31, 2020, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $36,400 a year 2. A fund drive raised $192,000 in cash and $114,000 in pledges that will be paid within one year. A state government grant of $164,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $209,960. At year-end, an 4. A donor pledged $114,000 for construction of a new building, payable over five fiscal years, 5. Office equipment was purchased for $13,400. The useful life of the equipment is estimated to be additional $17,400 of salaries and fringe benefits were accrued. commencing in 2022. The discounted value of the pledge is expected to be $95,660. five years. Office furniture with a fair value of $11,000 was donated by a local office supply company. The furniture has an estimated useful life of 10 years. Furniture and equipment are considered net assets without donor restrictions by INVOLVE. 6. Telephone expense for the year was $6,600, printing and postage expense was $13,400 for the year, utilities for the year were $9,700 and supplies expense was $5,700 for the year. At year-end an immaterial amount of supplies remained on hand and the balance in accounts payable was $5,000. 7. Volunteers contributed $16,400 of time to help with answering the phones, mailing materials, and 8. It is estimated that 90 percent of the pledges made for the 2021 year will be collected 9. All expenses were allocated to program services and support services in the following various other clerical activities. Depreciation expense is recorded for the full year on the assets recorded in item 5. percentages: public health education, 35 percent; community service, 30 percent; management and general, 20 percent, and fund-raising, 15 percent. 10. Net assets were released to reflect satisfaction of state grant requirements that the grant resources be used for public health education program purposes. 11. All nominal accounts were closed to the appropriate net asset accounts. Required a. Prepare journal entries to record these transactions. Expense transactions should be initially recorded by object classification; in entry 10 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. Round the intermediate and final answers to the nearest dollar amount.)
