Reference no: EM132750042
Question 1: Prepare journal entries to record the following transactions for a private, not-for-profit university.
1. Tuition and fees assessed total $10,000,000, 85% of which was collected by year-end; tuition scholarships were granted for $800,000, and $400,000 was expected to be uncollectible.
2. Revenues collected from sales and services by the university bookstore were $1,000,000.
3. Salaries and wages were $5,000,000, $200,000 of which was for employees of the university bookstore.
4. Financial aid funds of $500,000 were received from the Pell Grant program; the funds were then disbursed to the appropriate students.
5. Contributions of $250,000 were received; $50,000 was restricted for the athletic department and $200,000 was unrestricted. An additional $25,000 was pledged to the athletic department by the alumni.
6. Athletic equipment was purchased with $35,000 previously set aside for that purpose.
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