Question

Elizabeth College, a small private college, had the following transactions in fiscal year 2017.

1.	Gross tuition and fees revenue totaled $5,600,000. Tuition waivers and scholarships of $346,000 were granted. Of the tuition waivers granted $276,400 was for teaching assistantships, which is an instruction expense.
2.	Students received tuition refunds of $101,670.
3.	During the year the college received $1,891,000 cash in unrestricted private gifts, $575,200 cash in temporarily restricted grants, and $1,000,000 in securities for an endowment.
4.	A pledge campaign generated $1,090,000 in pledges. Of the amount pledged, $573,200 was for the capital construction campaign, $300,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2018.
5.	Auxiliary enterprises provided goods and services that generated $94,370 in cash.
6.	Collections of tuition receivable totaled $5,080,000.
7.	Unrestricted cash of $1,000,000 was invested.
8.	The college purchased computer equipment at a cost of $10,580.
9.	During the year the following expenses were paid:

Instruction	$	3,566,040
Academic support		1,987,000
Student services		87,980
Institutional support		501,130
Auxiliary enterprises		92,410

10.	Instruction provided $450,000 in services related to the temporarily restricted grant recorded in transaction 3.
11.	At year-end, the allowance for uncollectible tuition and fees was increased by $7,200. The fair value of investments had increased $11,540; of this amount, $3,040 was allocated to permanently restricted net assets, the remainder was allocated to unrestricted net assets. Depreciation on plant and equipment was allocated $34,750 to instruction, $41,000 to auxiliary enterprises, and $12,450 to academic support.
12.	All nominal accounts were closed.

a-1.	Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1