In: Accounting
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 |
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.) |