The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. TheFoundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year:Account:Accounts payableAccounts receivable (net)Accrued interest receivableAccumulated depreciationCashContributed servicesContributions-no restrictionsContributions-purpose restrictionsContributions-endowmentCurrent pledges receivableEducation program expensesFund-raising expensesInvestment revenue-purpose restrictionsTraining seminars expensesDebitsCredits$25,500$48,10016,7003,522,200119,40027,2002,492,00082,3001,550,100126,6004,586,400802,0002,114,10094,200Land, buildings, and equipmentLong-term investmentsManagement and general expensesNet assets without donor restrictionsNet assets with donor restrictions5,659,5002,765,400409,600496,4002,048,000Net gains on endowments-no restrictionsNoncurrent pledges receivable18,700390,200Program service revenue-no restrictions5,978,100Postemployment benefits payable (long-term)200,900Reclassification-Satisfaction of program restrictions267,400Reclassification-Satisfaction of time restrictionsReclassification-Satisfaction of program restrictionsReclassification-Satisfaction of time restrictionsResearch program expensesShort-term investments215,600267,400215,6001,278,700752,100Supplies inventory34,200Totals$18,302,300$18,302,300Required: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, 2024.Answer is not complete.Complete this question by entering your answers in the tabs below.Required ARequired BPrepare closing entries for the year-end, using separate entries for each net asset classification.Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.NoEventA1General JournalDebitCreditReclassification to Net Assets without Donor Restrictions-Expiration of Time215,600Reclassification to Net Assets without Donor Restrictions-Satisfaction of Pro267,400✓Contributed Services-without Donor Restrictions✓2,492,000 xProgram Service Revenue-without Donor Restrictions✓5,978,100Net Gains on Endowment Investments-without Donor Restrictions18,700Contributions-without Donor Restrictions27,200 xTraining Seminar Expense4,586,400✔Education Program ExpenseResearch Program Expense✓Management and General ExpenseFund-Raising ExpenseNet Assets-without Donor Restrictions1,550,1001,278,700409,600119,400 x496,400 x< Required ARequired B >

Not-for-profit organizations are established to serve a particular mission or purpose, such as…

Answered: Required: a. Prepare closing entries…

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, 2024.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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