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1. The Maryville Cultural Center recently conducted a successful talent show in which local talent performed for a nominal prize. The talent show is an ongoing major event and is central to the center’s mission. The event raised $6,000 in gross revenue. Expenses related to the event included $2,200 to rent an auditorium, $2,400 to advertise the event, $1,700 for trophies and other awards for the winner and the runners up, and $1,300 for printing and mailing tickets. The center believes there was no monetary value received by donors (attendees). To report this event in its statement of activities, the center will report:

2. According to GAAP, all not-for-profit organizations are required to prepare only the following statements:

3. In a local NFP elementary school’s statement of cash flows, a contribution restricted for use on a new building project would be reported as

4. Orlando Perez, president of a local information systems company, volunteered his time to help develop software for Best Friends, a local no-kill pet shelter. The software will allow the organization to track intake, placement, and statistics of animals in its three locations. Without Mr. Perez’s assistance, Best Friends would have needed to hire someone to develop this software. Best Friends should record the value of Mr. Perez’s time as

5. The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization’s only program. It is the policy of the community kitchen to use restricted resources for which the purpose has been met before resources without donor restrictions. The Kitchen had the following revenue and expense transactions during the 2020 fiscal year.

 

1. Cash donations without donor restrictions of $26,300 were received. A local philanthropist also contributed $4,300, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
2. A local grocery store provided fresh produce with a fair value of $1,400. The produce was immediately used.
3. Volunteers from the local university contributed 165 hours to preparation and serving of meals. The estimated fair value of their labor was $2,050.
4. The Kitchen received a $6,300 federal grant for the purchase of institutional kitchen appliances.
5. At Thanksgiving time, the Kitchen spent $5,400 on foodstuffs for preparation of the Thanksgiving dinner.

Required
Prepare journal entries to record these transactions.