Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 8

Journal entries, statement of activities. Thirty years ago, a group of civic-minded merchants in Mayfair organized the ''Committee of 100'' for the purpose of establishing the Mayfair Sports Club, a not-for-profit sports organization for local youth. Each of the committee's 100 members contributed $1,000 toward the club's capital. In addition, each participant agreed to pay dues of $200 a year for the club's operations. All dues have been collected in full by the end of each fiscal year, which ends on March 31. Members who have discontinued their participation have been replaced by an equal number of new members by transferring the participation certificates from the former members to the new ones. Following are the Club's trial balances at April 1, 2018:
k. A donor contributed $35,000 to be used to acquire land for expansion.
l. An unconditional pledge of $100,000 to be permanently restricted is received. Income is to be used to maintain the building.
1. Prepare entries for each of the above transactions.
2. Prepare the statement of activities for the year ended March 31, 2019.