Private college, closing entries, statement of activities. The preclosing trial balance of Excel Private College has the following balances: 11eb5b63_5939_76c9_bcf8_07b60a57cd7d_SM1534_00 11eb5b63_5939_76ca_bcf8_d75bc3d69cdc_SM1534_00 1. Prepare closing entries for the three net asset classifications. 2. Prepare a statement of activities for the year ended December 31, 2018, using a column for each of the net asset classifications.

Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Edition 11ISBN: 978-0538480284

Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Edition 11ISBN: 978-0538480284

Exercise 31

Private college, closing entries, statement of activities. The preclosing trial balance of Excel Private College has the following balances:

1. Prepare closing entries for the three net asset classifications.
2. Prepare a statement of activities for the year ended December 31, 2018, using a column for each of the net asset classifications.

Explanation

Verified

b) • Revenues increase the value of equ...