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 $31,2024.$

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

Prepare 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.

Journal entry worksheet

A

B

Record the year$-$end closing entry for net assets without donor restrictions.

Note: Enter debits before credits. Prepare 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.

Journal entry worksheet

A

B

Record the year$-$end closing entry for net assets with donor restrictions.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[2,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$ Prepare a Statement of Activities for the year ended December $31,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.

$\backslash$table$[[$OMBUDSMAN FOUNDATION$],[$Statement of Activities$],[$For the Year Ended December $31,2024],[,\backslash$table$[[$Net Assets$],[$without Donor$],[$Restrictions$]],\backslash$table$[[$Net Assets$],[$with Donor$],[$Restrictions$]],,$Total$],[$Revenues$],[$Contribution$,,,$$$,0],[$Contributed Services,,,,$0],[$Program Service Revenues,,,,$0],[$Investment Income,,,,$0],[$Net Gains on Endowment Investments,,,,$0],[$Net Assets Released from Restrictions$],[$Satisfaction of Time Restrictions,,,,$0],[$Satisfaction of Program Restrictions,,,,$0],[$Total Revenues,$0,0,,0],[$Expenses$],[$Training Seminars,,,,$0],[$Education Program,,,,$0],[$Research Program,,,,$0],[$Management and General,,,,$0],[$Fund$-$Raising,,,,$0],[$Total Expenses,$0,0,,0],[$Increase in Net Assets,,,,$0],[$Net Assets January $1,,,,0],[$Net Assets December $31,$$$0,$$$0,$$$,0]]$The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The

Foundation had the following preclosing trial balance at December $31,2024,$ the end of its fiscal year: