Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1. Tuition bills...
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Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1. Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2. Cafeteria sales, all cash, were $1,400,000. 3. Salaries and wages were paid amounting to $5,500,000, of which $370,000 was for cafeteria staff. 4. Long-term debt payments were made from general funds amounting to $800,000, of which $130,000 was for interest. 5. Equipment was purchased for the engineering department with funds previously set aside for that purpose, amounting to $180,000. Required: Prepare the journal entries for 2011 for Albatross University.
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