The preparation of the necessary journal entries for The Fine Art Museum is as follows:
<u>Journal Entries</u>:
a. Debit Cash $500,000
Credit Admissions Fees $500,000
- To record the receipt of admissions fees in cash from visitors.
b. Debit Cash $250,000
Credit Admissions Fees $250,000
- To record the receipt of special admissions fees for "Friends of the Museum."
c. Debit Salary Expense $250,000
Credit Salary Payable $60,000
Credit Cash $190,000
- To record salary expense paid and payable.
d. Debit Operating Expenses $400,000
Credit Operating Expenses Payable $30,000
Credit Cash $370,000
- To record operating expenses paid and payable.
Debit Supplies $50,000
Credit Operating Expenses $50,000
- To transfer operating expenses to Supplies.
Debit Supplies Expense $30,000
Credit Supplies $30,000
- To record supplies expense for the year.
e. Debit Pledges Receivable $200,000
Debit Cash $150,000
Credit Pledges Receivable $150,000
Credit Allowance for Uncollectible Pledges $30,000
- To record pledges receivable and allowance for uncollectibles.
f. Debit Cash $600,000
Credit Sale of collections $600,000
- To record the sale of wonderful collections from a will.
Data Analysis:
Allocation of Expenses:
Programs = 80%
General and Administrative = 20%
a. Cash $500,000 Admissions Fees $500,000
b. Cash $250,000 Admissions Fees $250,000 ($25 x 10,000)
c. Salary Expense $250,000 Salary Payable $60,000 Cash $190,000
d. Operating Expenses $400,000 Operating Expenses Payable $30,000 Cash $370,000
Supplies $50,000 Operating Expenses $50,000
Supplies Expense $30,000 Supplies $30,000
e. Pledges Receivable $200,000 Estimated Receivable Pledges $170,000
Uncollectible Pledges $30,000
Cash $150,000 Pledges Received $150,000
f. Cash $600,000 Sale of collections $600,000
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