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: 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 Fund-raising 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 Debits Credits 24,100 $ 48,000 16,700 3,333,400 113, 100 27,200 2,410,000 818,000 2,687,600 77,500 1,579,200 119,300 88,700 4,672,500 5,766,200 2,818,500 404,600 467,000 2,043,000 17,800 390,200 5,978, 100 200,900 267,400 215,600 267,400 215,600 1,305,400 752,000 32,600 $18,578,800 $18,578,800 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020. Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Event General Journal Debit Credit 818,000 Contributed Serviceswithout Donor Restrictions Net Assetswith Donor Restrictions 818,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 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: 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 Fund-raising 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 Debits Credits 24,100 $ 48,000 16,700 3,333,400 113, 100 27,200 2,410,000 818,000 2,687,600 77,500 1,579,200 119,300 88,700 4,672,500 5,766,200 2,818,500 404,600 467,000 2,043,000 17,800 390,200 5,978, 100 200,900 267,400 215,600 267,400 215,600 1,305,400 752,000 32,600 $18,578,800 $18,578,800 Required: a. Prepare closing entries for the year-end, using separate entries for each net asset classification. b. Prepare a Statement of Activities for the year ended December 31, 2020. c. Prepare a Statement of Financial Position as of December 31, 2020. Prepare closing entries for the year-end, using separate entries for each net asset classification. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Event General Journal Debit Credit 818,000 Contributed Serviceswithout Donor Restrictions Net Assetswith Donor Restrictions 818,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted
