Prepare journal entries to record the following transactions ofWeatherford Teen Foundation, Inc. (WTFI), a nonprofit entity thatprovides counseling, training, and other programs for young people.WTFI accounts for all transactions in a single fund, recording themso as to distinguish between net assets with donor restrictions andnet assets without donor restrictions as required for financialreporting purposes.

1. WTFI receives pledges of $150,000 to help finance itsactivities for the year. WTFI expects that it will ultimatelyreceive 90% of these pledges in cash.
2. During the year, WTFI receives cash of $130,000 against thepledges and writes off $10,000 of the pledges asuncollectible.
3. WTFI incurs the following program expenses, financed by itsunrestricted revenues:
   • Counseling programs, $40,000
   • Training programs, $50,000
4. WTFI has a contract with the county in which it is located toadminister a youth recreation program. It incurs $20,000 ofexpenses under the program, and sends an invoice to the county forthat amount.
5. Carole Burgess donates $5,000, stipulating that WTFI must useher gift to obtain the services of a well-known country singer fora special concert.
6. WTFI gives the concert referred to in e. WTFI pays $5,000 tothe country singer, and charges the expense to Recreationprograms.
7. David Bean, a local attorney, donates 10 hours of his time toWTFI drawing up legal contracts. Mr. Bean also donates 20 hourscoaching softball for the youths. He normally charges $200 an hourfor his legal services. WTFI would have hired an attorney and acoach to do this work if Mr. Bean had not volunteered histime.
8. Mary Catlett donates common stock to WTFI, stipulating that thestock must be used during WTFI’s next fiscal year for any programsWTFI wishes to undertake. At the time of the gift, the stock has afair value of $10,000.
9. When WTFI closes its books at year-end, the stock gift from Ms.Catlett has a fair value of $11,000.