Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

$\underline{\text{ Transactions: }}$
1. Tuition and fees assessed total $4,500; 70% is collected immediately; scholarships allowances are granted for $120; and $45 is expected to prove uncollectible.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $275.
3. Salaries and wages paid, $1,500; $62 of this was for employees of the university bookstore.
4. Tuition remissions were granted in the amount of $35 for employees.
5. Mortgage payments totaled $520; $290 of this was for interest.
6. Restricted contributions for the Master of Accountancy (MAcc) program were received, $250.
7. Expenditures for the MAcc program were incurred and paid, $230.
8. Equipment was purchased from unrestricted resources, $34.

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

Question

Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

$\underline{\text{ Transactions: }}$  
1. Tuition and fees assessed total $4,500; 70% is collected immediately; scholarships allowances are granted for $120; and $45 is expected to prove uncollectible.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $275.
3. Salaries and wages paid, $1,500; $62 of this was for employees of the university bookstore.
4. Tuition remissions were granted in the amount of $35 for employees.
5. Mortgage payments totaled $520; $290 of this was for interest.
6. Restricted contributions for the Master of Accountancy (MAcc) program were received, $250.
7. Expenditures for the MAcc program were incurred and paid, $230.
8. Equipment was purchased from unrestricted resources, $34.

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

Quizplus · Accepted Answer

The Answer of Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

$\underline{\text{ Transactions: }}$  
1. Tuition and fees assessed total $4,500; 70% is collected immediately; scholarships allowances are granted for $120; and $45 is expected to prove uncollectible.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $275.
3. Salaries and wages paid, $1,500; $62 of this was for employees of the university bookstore.
4. Tuition remissions were granted in the amount of $35 for employees.
5. Mortgage payments totaled $520; $290 of this was for interest.
6. Restricted contributions for the Master of Accountancy (MAcc) program were received, $250.
7. Expenditures for the MAcc program were incurred and paid, $230.
8. Equipment was purchased from unrestricted resources, $34.

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

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Selected Transactions of Shelbyville State University Are Listed Below $\underline{\text{ Transactions: }}$