Windsor Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its fiscal year ended February 28, 2024. Liabilities and Fund Balances Current Liabilities The following transactions occurred during the fiscal year ended February 28, 2025. 1. Fees were billed as follows: 2. $40,670 of the Grant Receivable was received. Another grant in the amount of $18,430 was promised. 3. Contributions in the amounts summarized below were received: 4. Investment income totaled $68,310 for the year. 5. Vouchers for the year were approved as follows: 6. During the year, $520,000 worth of vouchers were paid. Adjustment Data 7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $192,610. The difference should be allocated to the following expenses: 8. Additions to the research library in the amount of $73,990 that were approved in (5) above were made in accordance with the terms of a contribution that had been received earlier and that was restricted for that purpose. 9. The current market value of the investments is $1,038,630 (no investment transactions occurred). 10. Depreciation amounted to $9,193 for the year. It should be allocated as follows: 11. Prepaid Expenses should be $61,844. The difference should be allocated to: Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 4. 5. 5. 6. 7. 8. (To release funds from restricted into unrestricted assets) (To receive funds into unrestricted from restricted assets) 9. 10. 11. Deferred Capital Additions Deferred Revenue Deferred Support Donated Services Due from Annuity Fund Due from Endowment Fund Due to General Fund Due to Loan Fund Due to Restricted Current Fund Due to Specific Purpose Fund Due to Unexpended Plant Fund Due to Unrestricted Current Fund Educational and General Expenses Endowment Fund Endowment Income Excess of Restricted Receipts Over Transfers to Revenue Excess of Revenue Over Expenses Exhibits Expenses Expenses Fund Balance Fund Balance - Term Fund Raising Expenses Gain from Operations General and Administrative Expenses General Fund General Services Expense Grants Receivable Income from Board - Designated Funds Interest Income Interest on Deferred Tuition Interest Receivable Inventory Investment in Common Stock Investment in Savings Certificates Investment in U.S. Treasury Bills Investment Income Investments Land, Buildings, and Equipment Loan Receivable Long-term Debt Loss from Operations Mortgage Payable Net Assets Released from Restrictions Net Investment in Plant No Entry Operating Expenses Other Assets Other Fund Balance Other Operating Revenue Other Professional Services - Research Patient Service Revenue Plant Fund Plant Replacement Fund Pledges Receivable Poetry Collection Expenses Prepaid Expenses Private Gifts and Grants Provision for Uncollectible Pledges Expenses Realized Gains on Investments Research Library Expenses Restricted Fund Revenue Scholarship Expenses Service Fees Revenue State Appropriation Receivable State Appropriations Revenue Support Revenue - Gifts Support Revenue - Grants Tuition and Fees Revenue Unrestricted Current Fund Revenues Unrestricted Fund Unrestricted Gifts and Requests Unrestricted Income from Endowment Funds Work in Process