Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. governmental university journal entries selected t

Governmental University Journal Entries Selected transactions for Mulungushi University are listed below. The university reports...

50.1K

Verified Solution

Question

Accounting

image
Governmental University Journal Entries Selected transactions for Mulungushi University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars. Transactions: 1. Tuition and fees assessed total K4,500;70% is collected immediately; scholarships allowances are granted for K120; and K45 is expected to prove uncollectible. 2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were K 275 . 3. Salaries and wages paid, K1,500;K62 of this was for employees of the university bookstore. 4. Tuition remissions were granted in the amount of K35 for employees. 5. Mortgage payments totaled K520; K290 of this was for interest. 6. Restricted contributions for the Master of Science in Accounting and Finance (MScAF) program were received, K250. 7. Expenditures for the MSeAF program were incurred and paid, K230. 8. Equipment was purchased from unrestricted resources, K34. Requirement: Prepare the necessary journal entries to record these transactions

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Newkirk, Inc., is an unlevered firm with expected annual earnings before taxes of $21.7 million in...

Finance
Q

what are stem cells used for

Biology
Q

Beer bottles are filled so that they contain an average of 385 ml of beer in...

Basic Math
Q

Parallel light rays are falling on the plane surface of a semi cylinder made of...

Physics
Q

A bullet with a mass of 0.0098 kg and a speed of 639.4 m/s is...

Physics
Q

What is the area of the shaded portion of the figure Express your answer in...

Geometry
Q

Find the area of the Figure to the LO SO ain nearest lot

Geometry
Q

A hospital sends an invoice to a patient The patient schedules a payment plan in...

Basic Math
Q

A particle is moving along an axis Its displacement s units at time t seconds...

Basic Math
Q

4. Find the vertical and horizontal asymptotes of the graph of each rational function. Indicate...

Algebra
Q

Which of the following statements is true for an angle of 10?/9 radians, rotated fromstandard...

Algebra
Q

All of the following nondependent taxpayers are U.S. citizens. Which taxpayer is required to file...

Accounting