The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following preclosing trial balance at December 31, 2020, the end of its fiscal year: Debits $ Credits 25, 100 $ 47,700 16,700 3,459,300 117,300 27,000 2,446,000 796,000 2,122,700 80,800 1,538, 100 124,300 92,500 4,550, 100 5,614,700 2,743,500 408,600 Trial Balance-December 31, 2020 Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fundraising expenses Investment revenue-purpose restrictions Training seminars expenses Land, buildings, and equipment Long-term investments Management and general expenses Net assets without donor restrictions Net assets with donor restrictions Net gains on endowments no restrictions Noncurrent pledges receivable Program service revenue - no restrictions Post-employment benefits payable (long-term) Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Reclassification-Satisfaction of program restrictions Reclassification-Satisfaction of time restrictions Research program expenses Short-term investments Supplies inventory Totals 487,400 2,047,000 18,400 390,200 5,978, 100 200,900 267,400 215,600 267,400 215,600 1,282,700 751,900 33,800 $18, 183,400 $18, 183,400 Journal entry worksheet Record the year-end closing entry for net assets with donor restrictions. Note: Enter debits before credits. Event General Journal Debit Credit 2 OMBUDSMAN FOUNDATION Statement of Activities For the Year Ended December 31, 2020 Net Assets Net Assets without Donor with Donor Restrictions Restrictions Total Revenues $ Program Service Revenue Contribution Revenues oo Contributed Services 0 Investment Revenue 0 0 Net Gains on Endowment Investments Net Assets Released from Restriction Satisfaction of Time Restrictions 0 0 Satisfaction of Program Restrictions Total Revenues 0 0 0 0 0 0 0 0 0 Expenses Training Seminar Expenses Education Program Expenses Research Program Expenses Total Program Service Expenses Fund-Raising Expenses Management and General Expenses Total Supporting Service Expenses Total Expenses Increase in Net Assets Net Assets January 1 0 0 0 0 0 0 0 0 0 0