Snow Flake Community Symphony Orchestra had the following transactions for the year:
1. A fund drive raised $210,000 cash and $150,000 in pledges that will be paid within one year.
2. A business donated rent-free space for the organization that would typically rent for $48,000 per year.
3. Volunteers contributed $20,000 of time to help with mailing materials, answering phones, and other clerical functions.
4. Salaries and fringe benefits of $224,600 were paid during the year, and an additional $14,200 of salaries and fringe benefits were accrued.
5. The Symphony incurred the following expenses during the year: Utilities - $4,700; Supplies - $5,250; and telephone $9,600. There were no supplies at the end of the year and accounts payable of $3,400 remained on the books.