Following are several transactions involving a university. In the current fiscal year, the university was notified...
Following are several transactions involving a
university.
-
In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $580,000 grant for wetlands research.
-
The university received a $600,000 endowment.
-
For the fiscal year, the university recorded $2,900,000 in tuition and fees revenue. Cash refunds of $378,000 were given.
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The university provided $14,700 in tuition waivers for students with outstanding academic performance.
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During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,375,000.
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The biology department spent $30,000 on wetlands research.
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At year-end, $2,000 of estimated uncollectible tuition and fees was recorded.
Required
- Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
- Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Homework Answers
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Following are several transactions involving a
university.
In the current fiscal year, the university was notified...
Following are several transactions involving a university. 1. In fiscal year 2017, the university was notified...
Following are several transactions involving a university. 1. In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $550,000 grant for wetlands research. 2. The university received a $560,000 endowment. 3. For the fiscal year, the university recorded $2,750,000 in tuition and fees revenue. Cash refunds of $358,000 were given. 4. The university provided $13,900 in tuition waivers for students with outstanding academic performance. 5. During the year, the university constructed...
The Statement of Net Position of South State University, a governmentally owned university, as of the...
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...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that o...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $2,000 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $24,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2022. May 30 Discounted the $24,000 note at a local bank. The bank's discount rate is 9%. The note...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.
[The following information applies to the questions displayed below.]Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31.Jan.15Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system.Apr.1Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest-bearing note for the money.June14Received a $15,000 customer deposit for services to be performed in the future.July15Performed $3,750 of the services paid for on June 14.Dec.12Received electric bill for $27,860....
Eastern University had the following transactions at the beginning of its academic year: Student tuition and...
Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,010,000. Of that amount, $4,520,000 was collected in cash. Pell Grants in the amount of $2,002,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $460,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries...
Eastern University had the following transactions at the beginning of its academic year: Student tuition and...
Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,090,000. Of that amount, $4,580,000 was collected in cash. Pell Grants in the amount of $2,009,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $520,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial...
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits $6,224,000 2,776,000 $7,997,000 Appropriations Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Monspendable-Inventory of Supplies Fund Balance-Unassigned 6,192,000 2,770,000 7,980,000 1,603,000 140,000 1,990,000 The City of Columbus uses the purchases method of accounting for its inventory of supplies in the...
CHLER my The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year...
CHLER my The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.5 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of...
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year...
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $8,000 from Henry Construction toward the purchase of $76,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $7,700 of refundable deposits relating to containers used to transport glass components. 3. On February 6, Chicago delivered the plate glass to Henry Construction and recelved the balance of the...
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...
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of $2,000 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $24,000 and received a note requiring principal and interest at 8% to be paid on March 30, 2022. May 30 Discounted the $24,000 note at a local bank. The bank's discount rate is 9%. The note...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts. Debits Credits $6,224,000 2,776,000 $7,997,000 Appropriations Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Monspendable-Inventory of Supplies Fund Balance-Unassigned 6,192,000 2,770,000 7,980,000 1,603,000 140,000 1,990,000 The City of Columbus uses the purchases method of accounting for its inventory of supplies in the...
CHLER my The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.5 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of...
The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $8,000 from Henry Construction toward the purchase of $76,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $7,700 of refundable deposits relating to containers used to transport glass components. 3. On February 6, Chicago delivered the plate glass to Henry Construction and recelved the balance of the...
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