Chapter 15 Public Colleges Journal Entries
Unlock all answers in this set
Unlock answersquestion
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.
answer
01 No Journal Entry Required
question
2. The university received a $500,000 endowment.
answer
02 Cash 500,000 RevenuesâGifts and Grants 500,000
question
3. For the fiscal year, the university recorded $2,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given.
answer
3(a) Accounts ReceivableâTuition and Fees 2,500,000 RevenuesâTuition and Fees 2,500,000 3(b) RevenuesâTuition and Fees 325,000 Cash 325,000
question
4. The university provided $12,600 in tuition waivers for students with outstanding academic performance.
answer
04 Tuition and Fees Discount and Allowances 12,600 Accounts ReceivableâTuition and Fees 12,600
question
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.
answer
05 Infrastructure 1,980,000 Cash 1,980,000
question
6. The biology department spent $25,000 on wetland research.
answer
06 Research Expense 25,000 Cash 25,000
question
7. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded.
answer
07 Provision for Bad Debts 1,670 Allowance for Doubtful Accounts 1,670