What adjusting entry should Backyard make on June 30 before preparing its annual financial statements? 
Definitions:
Bankruptcy
A legal process through which individuals or businesses unable to meet their financial obligations can seek relief from some or all of their debts.
Solvent
The state of having assets in excess of liabilities, enabling a company or individual to meet its financial obligations.
Nonprofit Corporations
Organizations that operate for charitable, educational, cultural, or public service purposes rather than for profit, often enjoying tax-exempt status.
Private Foundations
Non-profit organizations usually created via a single primary donation from an individual or business and whose funds and program operations are managed by its own trustees or directors.
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