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Youth Services Agency (YSA) is a VHWO that provides counseling and recreation programs for youthful offenders. YSA programs are financed through a contract with the county in which the agency is located and through contributions from local citizens. Its contract with the county provides for reimbursement of allowable costs based on monthly billings to the county. YSA does not use fund accounting, but it does identify all revenues by net asset class. Following are some transactions and events that occurred during 2013. Prepare journal entries to record these transactions. Identify all revenues within the journal entries as unrestricted, temporarily restricted, or permanently restricted.1. YSA received pledges of gifts in the amount of $ 30,000, to be used as the YSA trustees consider appropriate. Based on experience, YSA CEO believed that 90 percent of the pledges would be collected.2. YSA collected $ 25,000 in cash on the pledges received in transaction 1. It also wrote off $ 1,500 of the pledges as uncollectible.3. YSA received a gift of 100 shares of equity securities that had a fair value of $ 3,000 at the time of the gift. The donor sent the CEO a letter with the gift, saying that proceeds of the securities should be used only to purchase athletic equipment and uniforms for the basket ball team.4. YSA realized $ 2,800 in cash from the sale of the securities received in transaction 3.5. YSA paid $ 800 in cash for athletic equipment, using the proceeds received in transaction 4. The expense was charged to Recreation programs.6. YSA spent $ 12,000 in cash on the following:Counseling programs........... $ 8,000Recreation programs ........... 3,000Administration expenses ........... 1,000Total .................. $ 12,0007. YSA billed the county $ 6,500 for costs incurred under its contract.8. The YSA trustees sent a letter to potential donors, soliciting contributions toward a building improvement program that would include a new gymnasium. The board designated $ 5,000 of its unrestricted resources for that purpose but did not establish a separate cash account.9. YSA received a letter from a donor, saying he would contribute $ 20,000 in cash to the building improvement program as soon as YSA received an equal amount of cash from other donors.
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