Module Six Problem SetQuestion 9 of 10
-/5
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Current Attempt in Progress
Cullumber Library, a nonprofit organization, presented the following statement of financial position and statement of
activities for its fiscal year ended February 28, 2024.
Cullumber Library
Statement of Financial Position
February 28, 2024
Assets
Unrestricted
Temporarily
Restricted
$ 262,000
$88,000
Current Assets
Cash
Grants Receivable
81,000
Prepaid Expenses
70,000
Total
413,000
Investments (at market)
Land, Building, and Equipment
(less accumulated depreciation of $58,343)
Total Assets
1,011,000
557,000
$1,981,000
$88,000
Liabilities and Fund Balances
Current Liabilities
Accounts Payable and Accrued Expenses
$150,000
Total
150,000
Long-Term Debt
216,000
Fund Balances
1,615,000
88,000
$1,981,000
$88,000
Total Liabilities and Fund Balances
Cullumber Library
Module Six Problem
Set
Statement of Activities
for Year Ended February 28, 2024
Question 9 of 10
Unrestricted
Temporarily
Restricted
Grants
$63,000
$—0—
Gifts
289,000
88,000
Total
$352,000
$88,000
Support and Revenue
Support
Revenue
Service Fees
21,000
Book Rentals and Fines
114,000
Investment Income
64,000
Total
$199,000
—0—
Total Support and Revenue
$551,000
$88,000
Expenses
Program Services
Circulating Library
$ 196,000
Research Library
93,000
Exhibits
19,000
Community Services
11,000
Total
319,000
—0—
Supporting Services
General and Administrative
186,000
Fund raising
107,000
Total
$293,000
$—0—
Total Expenses
$612,000
$—0—
Increase (decrease) in Net Assets
(61,000)
88,000
Fund Balances—Beginning of Year
1,676,000
—0—
Fund Balances—End of Year
$1,615,000
$88,000
-/5
Moduletransactions
Six Problemoccurred
Set
The following
during the fiscal year ended February 28, 2025.
1. Fees were billed as follows:
Question 9 of 10
Service fees
$31,580
Book rentals
39,540
Book fines
83,100
-/5
2. $43,750 of the Grant Receivable was received. Another grant in the amount of $19,860 was promised.
3. Contributions in the amounts summarized below were received:
Unrestricted
$235,290
Restricted
97,220
4. Investment income totaled $80,760 for the year.
5. Vouchers for the year were approved as follows:
Circulating library
$179,020
Research library
69,240
Exhibits
15,350
Community services
10,880
General and administrative
176,320
Fund raising
100,060
Total
$550,870
6. During the year, $484,500 worth of vouchers were paid.
Adjustment Data
7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $224,680. The difference should be allocated
to the following expenses:
Research library
$5,070
General and administrative
3,240
Module
Set in the amount of $63,660 that were approved in (5) above were made in accordance
8. Additions
to Six
the Problem
research library
with the terms of a contribution that had been received earlier and that was restricted for that purpose.
Question
9 of market
10 value of the investments is $1,026,280 (no investment transactions occurred). – / 5
9. The current
10. Depreciation amounted to $9,343 for the year. It should be allocated as follows:
Circulating library
$3,670
Research library
3,141
General and administrative
2,532
11. Prepaid Expenses should be $65,005. The difference should be allocated to:
Exhibits
$3,587
General and administrative
1,408
(a)
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.)
No.
Account Titles and Explanation
1.
2.
(To record grant received)
(To record grant promised)
Debit
Credit
3.Module Six Problem Set
Question 9 of 10
4.
5.
6.
7.
8.
(To release funds from restricted
into unrestricted assets)
-/5
Module Six Problem Set
Question 9 of 10
-/5
(To receive funds into unrestricted
from restricted assets)
9.
10.
11.
Save for Later
Attempts: 0 of 2 used
Submit Answer
(b)
Prepare the statement of financial position and the statement of activities for the year ended February 28, 2025.
(Enter negative amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).)
CULLUMBER LIBRARY
Statement of Financial Position
Assets
Unrestricted
Temporarily
Restricted
Module Six Problem Set
Question 9 of 10
$
$
$
$
$
$
-/5
Liabilities and Fund Balances
CULLUMBER LIBRARY
Statement of Activities
Unrestricted
Temporarily
Restricted
Module Six Problem Set
$
$
Question 9 of 10
Total Support Services
-/5
$
$
Module Six Problem Set
$
$
Question 9 of 10
-/5
$
Save for Later
$
Last saved 4 days ago.
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Module Six Problem Set
Question 8 of 10
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Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund—
Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent; all losses from loans
are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his lifetime. On his death the fund is to be used to purchase
or construct a students’ residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income received from the shares is to be held intact and the
shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power
Bonds worth $20,700 were purchased. The 12% interest was payable on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January 1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
Module Six Problem Set
16.
Interest on bonds is received.
Question
8 ofof10
17.
$100
principal and $5 of interest were repaid on the student loan.
18.
-/5
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
1.
Fund
Endowment Fund – Brown
Account Titles and Explanation
Cash
Debit
Credit
6900
6900
Endowment Income
2.
Restricted Current Fund
Cash
13800
Investment Income
3.
13800
20700
20700
4.
207000
132615.41
74384.59
5.
170000
170000
6.
6900
6900
13800
Module Six Problem Set
7.
Question 8 of 10
13800
20700
-/5
20700
8.
200000
200000
9.
396
396
828
828
1035
1035
8000
8000
5000
5000
9000
9000
14076
13800
276
Module Six Problem Set
207
207
Question 8 of 10
138
138
205000
200000
5000
2000
2000
105
100
10.
11.
-/5
Module Six Problem Set
12.
Question 8 of 10
-/5
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
16.
Module Six Problem Set
Question 8 of 10
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
17.
-/5
Module Six Problem Set
18.
Question 8 of 10
-/5
(To record receipt of resources to be used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Save for Later
Last saved 17 hours ago.
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minutes.
Assistance Used
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Submit Answer
Module Six Problem Set
Question 8 of 10
-/5
Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity
Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the
Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any
purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy
students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student
loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his
lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of
five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income
received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the
shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in
proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable
on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the
interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January
1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were
received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year
mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
C
6900
Endowment Income
13800
Investment Income
3.
4.
20700
207000
132615.41
5.
170000
6.
6900
13800
7.
20700
8.
200000
9.
396
828
1035
8000
5000
9000
Module Six Problem Set
14076
Question 8 of 10
-/5
207
138
205000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
Module Six Problem Set
17.
Question 8 of 10
-/5
18.
(To record receipt of resources to be
used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Save for Later
Last saved 17 hours ago.
Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes.
Assistance Used
Attempts: 0 of 2 used
Submit Answer
Module Six Problem Set
Question 9 of 10
-/5
View Policies
Current Attempt in Progress
Cullumber Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its
fiscal year ended February 28, 2024.
Cullumber Library
Statement of Financial Position
February 28, 2024
Assets
Unrestricted
Temporarily
Restricted
$ 262,000
$88,000
Current Assets
Cash
Grants Receivable
81,000
Prepaid Expenses
70,000
Total
413,000
Investments (at market)
1,011,000
Land, Building, and Equipment
(less accumulated depreciation of $58,343)
557,000
$1,981,000
Total Assets
$88,000
Liabilities and Fund Balances
Current Liabilities
Accounts Payable and Accrued Expenses
$150,000
Total
150,000
Long-Term Debt
216,000
Fund Balances
1,615,000
88,000
$1,981,000
$88,000
Total Liabilities and Fund Balances
Cullumber Library
Statement of Activities
for Year Ended February 28, 2024
Support and Revenue
Unrestricted
Temporarily
Restricted
Support
Grants
$63,000
$—0—
Gifts
289,000
88,000
Total
$352,000
$88,000
Revenue
Service Fees
21,000
Book Rentals and Fines
114,000
Investment Income
64,000
Total
$199,000
—0—
Total Support and Revenue
$551,000
$88,000
Expenses
Program Services
Circulating Library
$ 196,000
Research Library
93,000
Exhibits
19,000
Community Services
11,000
Total
319,000
—0—
Supporting Services
General and Administrative
186,000
Fund raising
107,000
Total
$293,000
Total Expenses
$—0—
$612,000
$—0—
Increase (decrease) in Net Assets
(61,000)
88,000
Fund Balances—Beginning of Year
1,676,000
—0—
Fund Balances—End of Year
$1,615,000
$88,000
The following transactions occurred during the fiscal year ended February 28, 2025.
1. Fees were billed as follows:
Service fees
$31,580
Book rentals
39,540
Book fines
83,100
2. $43,750 of the Grant Receivable was received. Another grant in the amount of $19,860 was promised.
3. Contributions in the amounts summarized below were received:
Unrestricted
$235,290
Restricted
97,220
4. Investment income totaled $80,760 for the year.
5. Vouchers for the year were approved as follows:
Circulating library
$179,020
Research library
69,240
Exhibits
15,350
Community services
10,880
General and administrative
176,320
Fund raising
100,060
Total
$550,870
6. During the year, $484,500 worth of vouchers were paid.
Adjustment Data
7. Accounts Payable and Accrued Expenses at February 28, 2025, should be $224,680. The difference should be allocated to the
following expenses:
Research library
$5,070
General and administrative
3,240
8. Additions to the research library in the amount of $63,660 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 $1,026,280 (no investment transactions occurred).
10. Depreciation amounted to $9,343 for the year. It should be allocated as follows:
Circulating library
$3,670
Research library
3,141
General and administrative
2,532
11. Prepaid Expenses should be $65,005. The difference should be allocated to:
Exhibits
$3,587
General and administrative
1,408
Module Six Problem Set
(a)
Question 9 of 10
-/5
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.)
No. Account Titles and Explanation
Debit
Credit
1.
2.
(To record grant received)
(To record grant promised)
3.
4.
5.
6.
7.
8.
(To release funds from restricted
into unrestricted assets)
(To receive funds into unrestricted
from restricted assets)
9.
10.
11.
Attempts: 0 of 2 used
Save for Later
Submit Answer
(b)
Prepare the statement of financial position and the statement of activities for the year ended February 28, 2025. (Enter negative
amounts using either a negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).)
CULLUMBER LIBRARY
Statement of Financial Position
Assets
Temporarily
Restricted
Unrestricted
$
$
$
$
$
$
Liabilities and Fund Balances
CULLUMBER LIBRARY
Statement of Activities
Unrestricted
Temporarily
Restricted
Module Six Problem Set
Question 9 of 10
Total Support Services
Save for Later
Last saved 4 days ago.
Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes.
-/5
$
$
$
$
$
$
$
$
Attempts: 0 of 2 used
Submit Answer
Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January 1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
Credit
6900
6900
Endowment Income
13800
13800
Investment Income
3.
20700
4.
207000
20700
132615.41
74384.59
5.
170000
6.
6900
170000
6900
13800
13800
7.
20700
8.
200000
9.
396
20700
200000
396
828
828
1035
1035
8000
8000
5000
5000
9000
9000
14076
13800
276
207
207
138
138
205000
200000
5000
2000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
Module Six Problem Set
Question 8 of 10
-/5
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
17.
18.
(To record receipt of resources to be used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Save for Later
Last saved 17 hours ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.
Assistance Used
Attempts: 0 of 2 used
Submit Answer
Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January 1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
Credit
6900
6900
Endowment Income
13800
13800
Investment Income
3.
20700
4.
207000
20700
132615.41
74384.59
5.
170000
6.
6900
170000
6900
13800
13800
7.
20700
8.
200000
9.
396
20700
200000
396
828
828
1035
1035
8000
8000
5000
5000
9000
9000
14076
13800
276
207
207
138
138
205000
200000
5000
2000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
Module Six Problem Set
Question 8 of 10
-/5
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
17.
18.
(To record receipt of resources to be used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Accounts Payable
Accounts Receivable
Accrued Expenses
Accumulated Depreciation
Allowance for Doubtful Accounts
Allowance for Doubtful Pledges
Allowance for Uncollectible Loans
Annuity Payable
Assets Whose Use is Limited
Bad Debt Expense
Bank Loan
Book Rentals and Fines Revenue
Building
Cash
Circulating Library Expenses
Community Services Expenses
Construction in Process
Contribution Revenue
Deferred Capital Additions
Deferred Revenue
Deferred Support
Donated Services
Due from Annuity Fund
Due from Endowment Fund – Brown
Due from Endowment Fund – Gross
Due from Endowment Fund – Norton
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
Equipment
Excess of Restricted Receipts Over Transfers to Revenue
Excess of Revenue Over Expenses
Exhibits Expenses
Expenses
Fund Balance – Restricted
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
Loan Receivable
Long-term Debt
Loss from Operations
Mortgage Payable
Net Assets Released from Restrictions
Net Investment in Plant
No Entry
Assistance Used
Operating
Expenses Set
Module
Six Problem
Other Assets
Question 8 of 10
Other Fund Balance
-/5
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
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Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity
Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the
Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any
purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy
students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student
loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his
lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of
five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income
received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the
shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in
proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable
on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the
interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January
1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were
received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year
mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
C
6900
Endowment Income
13800
Investment Income
3.
4.
20700
207000
132615.41
5.
170000
6.
6900
13800
7.
20700
8.
200000
9.
396
828
1035
8000
5000
9000
Module Six Problem Set
14076
Question 8 of 10
-/5
207
138
205000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
Module Six Problem Set
17.
Question 8 of 10
-/5
18.
(To record receipt of resources to be
used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Save for Later
Last saved 17 hours ago.
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Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January 1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
Credit
6900
6900
Endowment Income
13800
13800
Investment Income
3.
20700
4.
207000
20700
132615.41
74384.59
5.
170000
6.
6900
170000
6900
13800
13800
7.
20700
8.
200000
9.
396
20700
200000
396
828
828
1035
1035
8000
8000
5000
5000
9000
9000
14076
13800
276
207
207
138
138
205000
200000
5000
2000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
Module Six Problem Set
Question 8 of 10
-/5
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
17.
18.
(To record receipt of resources to be used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Save for Later
Last saved 17 hours ago. Saved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.
Assistance Used
Attempts: 0 of 2 used
Submit Answer
Module Six Problem Set
Question 8 of 10
-/5
View Policies
Current Attempt in Progress
The following transactions of Beltville College transpired during 2025. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund—Unexpended, the Plant Fund—Investment in Plant, the Loan Fund, the Unrestricted Current Fund, and the Restricted Current Fund.
January 1
1.
A gift of $6,900 was received from Carl Brown. The principal was to be held intact and the income to be used for any purpose designated by the governing board.
2.
David Gross donated $13,800. The principal was to be held intact and the income to be used for scholarships for worthy students.
3.
Roxanne Norton donated $20,700, of which the principal was to remain intact while the interest was to be used for student loans. All income is to be relent; all losses from loans are to be charged against income.
4.
A gift of $207,000 was received from Brian Carr. Semiannual payments of $9,000 are to be made to the donor during his lifetime. On his death the fund is to be used to purchase or construct a students’ residence. Mr. Carr has a life expectancy of five years and investments are expected to earn 8% annually.
5.
Kathy Jackson donated 1,000 shares of BIM stock, which had a market value of $170 per share on that date. All income received from the shares is to be held intact and the shares cannot be held for more than five years. Once the board sells the shares, all the proceeds are to be used to build a student hospital.
6.
The assets of the Brown and Gross funds were consolidated into a pooled investment account by the governing board (in proportion to the principal accounts). Electric Power Bonds worth $20,700 were purchased. The 12% interest was payable on January 1 and July 1.
7.
The Norton Fund cash is used to purchase Cravit Company 10% bonds at par for $20,700. January 1 and July 1 are the interest dates.
8.
With the cash from the Carr Fund, $200,000 of 8% U.S. Treasury notes was purchased at par. The interest dates are January 1 and July 1.
July 1
9.
The interest was received on all bonds and notes and was transferred to the proper funds. Dividends of $5,000 were received from BIM stock.
10.
The stipulated payment is made to Mr. Carr from the Endowment Fund.
11.
Electric Power Company bonds bought at par value for $13,800 are sold at 102. The gain is added to the principal.
12.
A $207 student loan was made from the Norton Fund.
October 1
13.
A notice of Brian Carr’s death is received. There is no liability to his estate.
14.
The Gross Scholarship Fund awards a $138 scholarship.
15.
$200,000 par of U.S. Treasury notes are sold for $205,000.
December 31
16.
Interest on bonds is received.
17.
$100 of principal and $5 of interest were repaid on the student loan.
18.
A building was purchased for $225,000 using the funds available from the Carr gift. The residence hall will have a 20-year mortgage payable to account for the balance.
Record the journal entries necessary for each event. (Round answers to 0 decimal places, e.g. 5,125. 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.)
Event
Fund
Account Titles and Explanation
1.
Endowment Fund – Brown
Cash
2.
Restricted Current Fund
Cash
Debit
Credit
6900
6900
Endowment Income
13800
13800
Investment Income
3.
20700
4.
207000
20700
132615.41
74384.59
5.
170000
6.
6900
170000
6900
13800
13800
7.
20700
8.
200000
9.
396
20700
200000
396
828
828
1035
1035
8000
8000
5000
5000
9000
9000
14076
13800
276
207
207
138
138
205000
200000
5000
2000
2000
105
100
10.
11.
12.
13.
14.
15.
(To record sale of notes)
(To transfer investment income
to fund)
Module Six Problem Set
Question 8 of 10
-/5
16.
(To record interest received)
(To record transfer of funds)
(To record income)
(To record receipt)
17.
18.
(To record receipt of resources to be used)
(To record acquisition of building)
(To transfer assets and related
liabilities to Investment in Plant Fund)
List of Accounts
Accounts Payable
Accounts Receivable
Accrued Expenses
Accumulated Depreciation
Allowance for Doubtful Accounts
Allowance for Doubtful Pledges
Allowance for Uncollectible Loans
Annuity Payable
Assets Whose Use is Limited
Bad Debt Expense
Bank Loan
Book Rentals and Fines Revenue
Building
Cash
Circulating Library Expenses
Community Services Expenses
Construction in Process
Contribution Revenue
Deferred Capital Additions
Deferred Revenue
Deferred Support
Donated Services
Due from Annuity Fund
Due from Endowment Fund – Brown
Due from Endowment Fund – Gross
Due from Endowment Fund – Norton
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
Equipment
Excess of Restricted Receipts Over Transfers to Revenue
Excess of Revenue Over Expenses
Exhibits Expenses
Expenses
Fund Balance – Restricted
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
Loan Receivable
Long-term Debt
Loss from Operations
Mortgage Payable
Net Assets Released from Restrictions
Net Investment in Plant
No Entry
Assistance Used
Operating
Expenses Set
Module
Six Problem
Other Assets
Question 8 of 10
Other Fund Balance
-/5
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
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