what accounts are closed to the net assets un restricted? I do not know how this amount was obtained. If applicable, thank you for your assistance.
0 Step 17 of 21 Done b. Prepare closing entries: At the end of the year balances of contributions, revenues, gains, expenses and losses are transferred to net assets. Journal entries required to enter them in the books is known as closing entry. It is shown below: Closing entries Debit Credit Contributions unrestricted Reclassification from temporary restricted net asset- $52,686 On satisfaction of capital asset $17,000 use $95,150 $2,000 Expenses - Animal care $5,550 $1,500 Expenses - Administrative $27,514 Expenses - fund raising Expenses - other charges: interest Net assets - unrestricted Net asset-temporarily restricted... Reclassification to unrestricted net $5,550 $5,550 asset- On satisfaction of capital asset use........... Chapter 10 Problem 13EBP Done Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2014, the organization had the following account balances: Pedom $ 3.500 2.000 21200 and buildings and Super 4.000 Accounts payable 55100 Acred wages Anton 12.300 patobar 25.900 for DAC program 2.500 7,200 dne The following took place during 2015: 1. Additional supplies were purchased on account in the amount of $17,020. 2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 3 percent is expected to be uncollectible. The remainder is expected to be collected in 2015. 3. Supplies used for animal care amounted to $16,700. 4. Payments made on accounts payable amounted to $17,725. 5. Cash collected from pledges totaled $94,500. 6. Salaries were paid in the amount of $47,000. Included in this amount is the accrued wages payable at the end of 2014. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.) 7. Jefferson Animal Rescue entered an agreement with KDAC, Channel 7 News, Chapter 10 Problem 13EBP Done 7. Jefferson Animal Rescue entered an agreement with KDAC, Channel 7 News, to find more homes for shelter pets. This special adoption program highlights a shelter animal in need of a home on the evening news the first Thursday of each month. The program was initially funded by a restricted gift. During 2015, Jefferson Animal Rescue paid $1,800 ($150 per month) for the production of the monthly videos. In December 2015, the original donor unconditionally pledged to support the project for an additional 20 months by promising to pay $3,000 in January 2016 (all of this is expected to be collectible). 8. The shelter's building was partially financed by a bank note with an annual interest rate of 6 percent. Interest totaling $1,500 was paid during 2015. Interest is displayed as Other Changes in the Statement of Activities. 9. Animal medical equipment was purchased during the year in the amount of $5,550. Funding came from a special capital campaign conducted in 2014. Additional information includes: 10. Depreciation for the year amounted to $6,000. (The portion of depreciation expense attributable to administrative is $2,000, and the remainder is related to animal care.) 11. Unpaid wages relating to the final week of the year totaled $686 (all animal care). Using the information above and the Excel template provided: a. Prepare journal entries and post entries to the T-accounts. 0 Step 1 of 21 Done Record Journal entries Journal the boot Jorn Animal Parties Suple Accounts ( Amount Amou STT030 2 20 Peco receive Content (receivities in el v 2015 Ant 595.000 1 Expac-care Scores 700 Sasplessed wine come Acayai Ch Payment maden accounts paya 14.00 Case Penger Cashcocted from Expiry 18.000 dingly 2009 Emalewy 12000 Acordes 1500 000 Salaries including do 18.00 BOD Hysayan fosc 31001 Plegable Comed 2000 (hors to 60 20 month Expenses charges real Order 3 3300 Animal medicale Purchase anime Reclecticator brand not me SHO Sco Brion Deco 12.000 400 Ex-core Derecho Depreca Depreciation for the year the Bepe TI for 0 Step 17 of 21 Done b. Prepare closing entries: At the end of the year balances of contributions, revenues, gains, expenses and losses are transferred to net assets. Journal entries required to enter them in the books is known as closing entry. It is shown below: Closing entries Debit Credit Contributions unrestricted Reclassification from temporary restricted net asset- $52,686 On satisfaction of capital asset $17,000 use $95,150 $2,000 Expenses - Animal care $5,550 $1,500 Expenses - Administrative $27,514 Expenses - fund raising Expenses - other charges: interest Net assets - unrestricted Net asset-temporarily restricted... Reclassification to unrestricted net $5,550 $5,550 asset- On satisfaction of capital asset use........... Chapter 10 Problem 13EBP Done Jefferson Animal Rescue is a private not-for-profit clinic and shelter for abandoned domesticated animals, chiefly dogs and cats. At the end of 2014, the organization had the following account balances: Pedom $ 3.500 2.000 21200 and buildings and Super 4.000 Accounts payable 55100 Acred wages Anton 12.300 patobar 25.900 for DAC program 2.500 7,200 dne The following took place during 2015: 1. Additional supplies were purchased on account in the amount of $17,020. 2. Unconditional (and unrestricted) pledges of support were received totaling $95,000. In light of a declining economy, 3 percent is expected to be uncollectible. The remainder is expected to be collected in 2015. 3. Supplies used for animal care amounted to $16,700. 4. Payments made on accounts payable amounted to $17,725. 5. Cash collected from pledges totaled $94,500. 6. Salaries were paid in the amount of $47,000. Included in this amount is the accrued wages payable at the end of 2014. (The portion of wages expense attributable to administrative expense is $15,000 and fund-raising expense is $2,000. The remainder is for animal care.) 7. Jefferson Animal Rescue entered an agreement with KDAC, Channel 7 News, Chapter 10 Problem 13EBP Done 7. Jefferson Animal Rescue entered an agreement with KDAC, Channel 7 News, to find more homes for shelter pets. This special adoption program highlights a shelter animal in need of a home on the evening news the first Thursday of each month. The program was initially funded by a restricted gift. During 2015, Jefferson Animal Rescue paid $1,800 ($150 per month) for the production of the monthly videos. In December 2015, the original donor unconditionally pledged to support the project for an additional 20 months by promising to pay $3,000 in January 2016 (all of this is expected to be collectible). 8. The shelter's building was partially financed by a bank note with an annual interest rate of 6 percent. Interest totaling $1,500 was paid during 2015. Interest is displayed as Other Changes in the Statement of Activities. 9. Animal medical equipment was purchased during the year in the amount of $5,550. Funding came from a special capital campaign conducted in 2014. Additional information includes: 10. Depreciation for the year amounted to $6,000. (The portion of depreciation expense attributable to administrative is $2,000, and the remainder is related to animal care.) 11. Unpaid wages relating to the final week of the year totaled $686 (all animal care). Using the information above and the Excel template provided: a. Prepare journal entries and post entries to the T-accounts. 0 Step 1 of 21 Done Record Journal entries Journal the boot Jorn Animal Parties Suple Accounts ( Amount Amou STT030 2 20 Peco receive Content (receivities in el v 2015 Ant 595.000 1 Expac-care Scores 700 Sasplessed wine come Acayai Ch Payment maden accounts paya 14.00 Case Penger Cashcocted from Expiry 18.000 dingly 2009 Emalewy 12000 Acordes 1500 000 Salaries including do 18.00 BOD Hysayan fosc 31001 Plegable Comed 2000 (hors to 60 20 month Expenses charges real Order 3 3300 Animal medicale Purchase anime Reclecticator brand not me SHO Sco Brion Deco 12.000 400 Ex-core Derecho Depreca Depreciation for the year the Bepe TI for
