60.1K

Verified Solution

Link Copied!

Elizabeth College, a small private college, had the followingtransactions in fiscal year 2017.

1.	Gross tuition and fees revenue totaled $5,600,000. Tuitionwaivers and scholarships of $346,000 were granted. Of the tuitionwaivers granted $276,400 was for teaching assistantships, which isan instruction expense.
2.	Students received tuition refunds of $101,670.
3.	During the year the college received $1,891,000 cash inunrestricted private gifts, $575,200 cash in temporarily restrictedgrants, and $1,000,000 in securities for an endowment.
4.	A pledge campaign generated $1,090,000 in pledges. Of the amountpledged, $573,200 was for the capital construction campaign,$300,000 was for endowments, and the remainder of the pledges hadno purpose restrictions. The pledges will all be collected in2018.
5.	Auxiliary enterprises provided goods and services thatgenerated $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 thetemporarily restricted grant recorded in transaction 3.
11.	At year-end, the allowance for uncollectible tuition and feeswas increased by $7,200. The fair value of investments hadincreased $11,540; of this amount, $3,040 was allocated topermanently restricted net assets, the remainder was allocated tounrestricted net assets. Depreciation on plant and equipment was allocated $34,750 to instruction, $41,000 toauxiliary enterprises, and $12,450 to academic support.
12.	All nominal accounts were closed.

a-1.	Prepare journal entries to record the foregoing transactions forthe fiscal year ended June 30, 2017. (If no entry isrequired for a transaction/event, select \"No Journal EntryRequired\" in the first account field.)