On July $1,2023,$ the Morgan County School District received a $$50,000$ gift from a local civic organization with the stipulation that, on June $30$ of each year, $$3,500$ plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private$-$purpose trust fund, the Civic Scholarship Fund, was created.

On July $1,2023,$ the gift was received and immediately invested in U$.$S$.$ securities$.$

On June $30,2024,$$$3,500$ of the principal was converted into cash. In addition, $$2,500$ of interest was received.

On June $30,$$$6,000$ was awarded to a student who had maintained a $4\mathrm{.}0-$grade point average throughout each of her four years.

The nominal accounts were closed.

Required:

a$.$ Record the above transactions on the books of the Civic Scholarship Fund,

b$.$ Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June $30,2024.$

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

Required A

Record the above transactions on the books of the Civic Scholarship Fund.

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

C

D

E

On July $1,2023,$ the gift was received and immediately invested in U$.$S$.$ securities$.$ Record the entry for receipt of the cash gift.