Jefferson Animal Rescue is a private not-for-profit clinic and


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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: Debits Credits Pledges Receivable $3,500 Cash 25,000 Land Buildings & Equipment 14,000 Supplies Inventory 4,000 Accounts Payable $5,800 Accrued Wages Payable 500 Accumulated Depreciation 19,300 Notes Payable to Bank 25,000 Net Assets – Temporarily Resticted for use in KADC Program 2,500 for purchase of Capital Assets 7,200 Unrestricted Net Assets 13,200 Total $73,500 $73,500 .:. 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, 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 20months 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 $5,500. 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. b. Prepare closing entries. c. Prepare a Statement of Activities, Statement of Financial Position, and Statement of Cash Flows for the year ending December 31, 2015. Need help with this. I have started it. Please check what I have done and completed. Chapter 10 Templates.xls Jefferson Animal Rescue – a private not-for-profit journal entries and General ledger Jefferson Animal Rescue bb 5 December 31, 2015 1 2 3 Account Title Supplies Accounts Payable Debits 17,020 Credits 5 6 4 bb 6 2 7 7 PLEDGES RECEIVABLE 3,500 94,500 95,000 3,000 8 10 11 1 SUPPLIES 4,000 16,700 17,020 3 9 7,000 11 Pledges Receivable Estimated Uncollectible Pledges Contribution Revenue – Unrestricted 2,850 4,320 95,000 Program Expense – Animal Care Supplies 16,700 2,850 92,150 16,700 45,289 bb Accounts Payable Cash 94,500 bb 4 10 ACCOUNTS PAYABLE 17,725 5,800 bb 17,020 WAGES PAYABLE 500 500 11 686 6 1 bb 17,725 Cash Pledges Receivable ACCUMULATED DEPRECIATION 19,300 6,000 LAND BUILDINGS & EQUIP 41,000 5,500 Fund-Raising Expense Administrative Expense Program Expense – Animal Care Wages Payable Cash 17,725 46,500 25,300 Program Expense – KADC Program Cash Reclassifcation From Temp Restricted Net Assets Reclassification to Unrestri

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