Homework Answers
Question 2 (a):
Journal entries in the books of Harvard University
It is assumed that all the transactions are made through Bank.
It is assumed that Advance of $6,000 received from students is refundable after one year hence shown under Advances from students.
It is assumed that tuition fee is earned and received from the students.
1. Tuition fees received in advance during June 2019
| Date | Particulars | Debit | Credit |
| Jun-19 | Bank A/c Dr | $900,000 | |
| To Advance from students A/c | $900,000 | ||
| (Being advance of $6,000 received from 150 students |
2. Tuition revenue earned during the month of July 2019
Only 50 students have attended in the month of July out of 150. So, revenue earned shall be 50 * $500 = $25,000
| Date | Particulars | Debit | Credit |
| Jul-19 | Bank A/c Dr | $25,000 | |
| To Tuition fees A/c | $25,000 | ||
| (Being Monthly tuition fee earned and received for the month of July 2019) |
3. Tuition revenue earned during the month of January 2020
As on January 2020 total 150 students have started attending the tuition. So, revenue earned = 150 * $500 = $75,000
| Date | Particulars | Debit | Credit |
| Jan-20 | Bank A/c Dr | $75,000 | |
| To Tuition fees A/c | $75,000 | ||
|
(Being Monthly tuition fee earned and received for the month of January 2020) |
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Statement of Net Position
June 30, 2016
Assets
Cash
$
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Accounts receivable (net of doubtful accounts of
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395,000
Investments
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Capital assets
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Accumulated depreciation
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1,575,000
Total assets
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Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Please help with Part B. Preparing a statement of activities of for the year ended June...
Please help with Part B. Preparing a statement of activities of
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The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Please help with Part B. Preparing a statement of activities of
for the year ended June 30,2020
15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful...
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