Prepare journal entries to record the following transactions of Weatherford Teen Foundation, Inc. (WTFI), a nonprofit entity that provides counseling, training, and other programs for young people. WTFI accounts for all transactions in a single fund, recording them so as to distinguish between net assets with donor restrictions and net assets without donor restrictions as required for financial reporting purposes.
a. WTFI receives pledges of $150,000 to help finance its activities for the year. WTFI expects that it will ultimately receive 90% of these pledges in cash.
b. During the year, WTFI receives cash of $130,000 against the pledges and writes off $10,000 of the pledges as uncollectible.
c. WTFI incurs the following program expenses, financed by its unrestricted revenues:
(1) Counseling programs, $40,000
(2) Training programs, $50,000
d. WTFI has a contract with the county in which it is located to administer a youth recreation program. It incurs $20,000 of expenses under the program, and sends an invoice to the county for that amount.
e. Carole Burgess donates $5,000, stipulating that WTFI must use her gift to obtain the services of a well-known country singer for a special concert.
f. WTFI gives the concert referred to in e. WTFI pays $5,000 to the country singer, and charges the expense to Recreation programs.
g. David Bean, a local attorney, donates 10 hours of his time to WTFI drawing up legal contracts. Mr. Bean also donates 20 hours coaching softball for the youths. He normally charges $200 an hour for his legal services. WTFI would have hired an attorney and a coach to do this work if Mr. Bean had not volunteered his time.
h. Mary Catlett donates common stock to WTFI, stipulating that the stock must be used during WTFI's next fiscal year for any programs WTFI wishes to undertake. At the time of the gift, the stock has a fair value of $10,000.
i. When WTFI closes its books at year-end, the stock gift from Ms. Catlett has a fair value of $11,000.

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The Answer of Prepare journal entries to record the following transactions of Weatherford Teen Foundation, Inc. (WTFI), a nonprofit entity that provides counseling, training, and other programs for young people. WTFI accounts for all transactions in a single fund, recording them so as to distinguish between net assets with donor restrictions and net assets without donor restrictions as required for financial reporting purposes.
a. WTFI receives pledges of $150,000 to help finance its activities for the year. WTFI expects that it will ultimately receive 90% of these pledges in cash.
b. During the year, WTFI receives cash of $130,000 against the pledges and writes off $10,000 of the pledges as uncollectible.
c. WTFI incurs the following program expenses, financed by its unrestricted revenues:
(1) Counseling programs, $40,000
(2) Training programs, $50,000
d. WTFI has a contract with the county in which it is located to administer a youth recreation program. It incurs $20,000 of expenses under the program, and sends an invoice to the county for that amount.
e. Carole Burgess donates $5,000, stipulating that WTFI must use her gift to obtain the services of a well-known country singer for a special concert.
f. WTFI gives the concert referred to in e. WTFI pays $5,000 to the country singer, and charges the expense to Recreation programs.
g. David Bean, a local attorney, donates 10 hours of his time to WTFI drawing up legal contracts. Mr. Bean also donates 20 hours coaching softball for the youths. He normally charges $200 an hour for his legal services. WTFI would have hired an attorney and a coach to do this work if Mr. Bean had not volunteered his time.
h. Mary Catlett donates common stock to WTFI, stipulating that the stock must be used during WTFI's next fiscal year for any programs WTFI wishes to undertake. At the time of the gift, the stock has a fair value of $10,000.
i. When WTFI closes its books at year-end, the stock gift from Ms. Catlett has a fair value of $11,000.

Prepare Journal Entries to Record the Following Transactions of Weatherford