Chapter 15 Public Colleges Journal Entries
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1. In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $500,000 grant for wetlands research.
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01 No Journal Entry Required
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2. The university received a $500,000 endowment.
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02 Cash 500,000 Revenues—Gifts and Grants 500,000
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3. For the fiscal year, the university recorded $2,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given.
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3(a) Accounts Receivable—Tuition and Fees 2,500,000 Revenues—Tuition and Fees 2,500,000 3(b) Revenues—Tuition and Fees 325,000 Cash 325,000
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4. The university provided $12,600 in tuition waivers for students with outstanding academic performance.
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04 Tuition and Fees Discount and Allowances 12,600 Accounts Receivable—Tuition and Fees 12,600
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5. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,980,000.
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05 Infrastructure 1,980,000 Cash 1,980,000
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6. The biology department spent $25,000 on wetland research.
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06 Research Expense 25,000 Cash 25,000
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7. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded.
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07 Provision for Bad Debts 1,670 Allowance for Doubtful Accounts 1,670
