Below are selected transactions for the Lake County Community College (LCCC). LCCC reports as a special government engaged only in business-type activities. All amounts are in thousands of dollars.
$\underline{\text{Transactions: }}$
1. Tuition and fees charged for the fall 20X3 semester totaled $2,800. Of this, $98 was waived as a result of scholarship allowances, and another $15 is expected to be uncollectible.
2. The college received a reimbursement grant restricted to research on composite materials, $300.
3. Salaries paid to researchers in the Composite Materials Lab of $40 qualified under the research grant received.
4. The college purchased equipment for use in its building and grounds maintenance department at a cost of $35. Unrestricted resources were used for this purpose.
5. The college paid $30 interest and $15 principal on one of its mortgages.

$\underline{\text{ Requirement: }}$ Prepare the necessary journal entries to record these transactions.

Question

Below are selected transactions for the Lake County Community College (LCCC). LCCC reports as a special government engaged only in business-type activities. All amounts are in thousands of dollars.
$\underline{\text{Transactions:  }}$  
1. Tuition and fees charged for the fall 20X3 semester totaled $2,800. Of this, $98 was waived as a result of scholarship allowances, and another $15 is expected to be uncollectible.
2. The college received a reimbursement grant restricted to research on composite materials, $300.
3. Salaries paid to researchers in the Composite Materials Lab of $40 qualified under the research grant received.
4. The college purchased equipment for use in its building and grounds maintenance department at a cost of $35. Unrestricted resources were used for this purpose.
5. The college paid $30 interest and $15 principal on one of its mortgages.

$\underline{\text{ Requirement:  }}$  Prepare the necessary journal entries to record these transactions.

Quizplus · Accepted Answer

The Answer of Below are selected transactions for the Lake County Community College (LCCC). LCCC reports as a special government engaged only in business-type activities. All amounts are in thousands of dollars.
$\underline{\text{Transactions:  }}$  
1. Tuition and fees charged for the fall 20X3 semester totaled $2,800. Of this, $98 was waived as a result of scholarship allowances, and another $15 is expected to be uncollectible.
2. The college received a reimbursement grant restricted to research on composite materials, $300.
3. Salaries paid to researchers in the Composite Materials Lab of $40 qualified under the research grant received.
4. The college purchased equipment for use in its building and grounds maintenance department at a cost of $35. Unrestricted resources were used for this purpose.
5. The college paid $30 interest and $15 principal on one of its mortgages.

$\underline{\text{ Requirement:  }}$  Prepare the necessary journal entries to record these transactions.

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