NYC Museum is an arts organization that has a June 30th fiscal year-end close and follows the
Question:
NYC Museum is an arts organization that has a June 30th fiscal year-end close and follows the accrual basis of accounting. Its account balances as of June 30, 2023 were as follows: Cash $150,000 Pledge Receivable $60,000 Rent Deposit $5,000 Furniture (5-year useful life) $13,000 Accumulated Depreciation - Furniture $4,000 Equipment (3-year useful life) $19,000 Accumulated Depreciation - Equipment $10,000 Accounts Payable $15,000 Net Assets without Donor Restrictions $150,000 Net Assets with Donor Restrictions $68,000 Create journal entries to record the following transactions from NYC Museum during the first quarter of Fiscal Year 2023-24 (the three months ending September 30, 2023): 1) NYC Museum incurred salaries of $20,000 per month for the months of July through September 2023. (Employees are paid semi-monthly on the 15th and 30th day of each month.) 2) NYC Museum has an office lease for $4,000 a month. Payments are made on the 1st day of each month for that month's rent. 3) During the three-month period, NYC Museum NYC Museum paid all its outstanding bills as of June 30th.
How do I write on transaction worksheet after journal entries?
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon