Question

fees were assessed in the amount $21,500,000. Scholarship allowance ted graduate and assistantship fees $1,500,000 Cash collection was 1. Student tuition and $19,100,000. as summer revenue out of which $300,000 applied to the current semester. Deferred revenue of the summer was earned 3. State appropriations of $22,500,000 general unrestricted, and S1,300,000 for capital outlay were received in cash. 4. Collected federal and state grant of $5,940,000 of which $3,140,000 was restricted for research and the remaining for scholarship. 5. Revenues from bookstore and other services $15.200,000 were collected in cash 6. Contributions of the following details were collected in cash: $500,000 restricted for scholarships, $620,000 for research, $600,000 for buildings, and $870,000 unrestricted. 7. Donors contributed $1,200,000 of which $700,000 restricted for scholarships and remainder for research. 8. Interest receivable at the beginning was collected of $210,000, of that $185,000 was restricted 9. Unrestricted investment income $430,000 was earned of which $30,000 was accrued interest at year-end. Restricted income eaned $1,970,000 (S1,260,000 for scholarship and $710,000 research) of which $200,000 was accrued. 10. Paid all accounts payable and accrued liabilities of which $491,000 was paid with restricted cash. 11. Paid cash of $50,000,000 for the following incurred unrestricted S37,787,000, utilities and supplies $14,835,000 of which $1,560,000 was consumed as inventories 12. Restricted cash of $7,872,000 was paid for the following restricted operating expenses: Salaries $3,042,000, utilities and supplies $1,029,000, and scholarship $4,000,000. 13. During the year, depreciation on building, equipment and improvements was amounted to $5,142,000. 14. During the year, the following capital expenditure were made: Land $2,125,000, building $1,600,000, equipment $2,400,000, and improvements $400,000. Paid cash, $3,825,000 from unrestricted cash, and accrued the remaining. 15. Purchased inventories of $1,355,000 and paid from unrestricted cash. operating expenses: Salaries 2,600,000 from restricted 16. Paid the current portion of long-term liabilities S1,525,000. Interest on revenue bond was S1,500,000 of which $1,380,000 paid in cash. $1,475,000 of the revenue bonds will be paid next year. Transferred $200,000 cash from restricted to unrestricted net position. 17. Increased accrued liabilities of compensated absences by $412,000. 18. Sold short-term investments for $12,770,000. Purchased new short-term investments for $13,550,000 cash and its unrealized gain at year-end amounted to $166,000. Required: 1. Journalize above transaction entries.

Answer 1

1) Cash a/c Dr. 19,100,000

Students a/c Dr. 100,000

Scholarship Allowance a/c Dr 800,000

Unrestricted Graduate and assistantship fee a/c Dr 1,500,000

To Student Tuition and Fees a/c 21,500,000

2) Cash a/c Dr. 1,150,000

To Summer revenue a/c 300,000

To Advance Received for Summer revenue 850,000

3) Cash a/c Dr. 23,800,000

To State Appropriations (General) 22,500,000

To State Appropriations (Capital) 1,300,000

4) Bank a/c Dr. 5,940,000

To Grant for Research a/c 3,140,000

To Grant for Scholarship a/c 2,800,000

5) Cash a/c Dr. 15,200,000

To revenue from Book Stores a/c 15,200,000

6) Cash a/c Dr. 2,590,000

To Contribution for Scholarship a/c 500,000

To Contribution for Research a/c 620,000

To Contribution for Buildings a/c 600,000

To Other Contributions a/c 870,000

7) Bank a/c Dr. 1,200,000

To Donation towards scholarship a/c 700,000

To Donation towards research a/c 500,000

8)