Wilhelman University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
1.Tuition bills were sent amounting to $4,000,000,with tuition waivers granted on that amount of $200,000.
2.State funding was received in the amount of $2,000,000.
3.The bookstore and cafeteria sales amounted to $1,600,000,and their cost of sales was $1,500,000.Assume cash sales and cash purchases for these auxiliary operations.
4.Endowment income amounted to $100,000 that was restricted to chair the accounting department,and $200,000 of unrestricted income.
5.Expenses were incurred and paid as follows: faculty,$3,800,000 (including faculty chair,paid in part by endowment income); Student services,$250,000; Facilities operations,$350,000; and scholarships (excluding tuition waived),$400,000.
Required:
Prepare the journal entries for 2014 for Wilhelman University.

Question

Quizplus · Accepted Answer

The Answer of Wilhelman University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
1.Tuition bills were sent amounting to $4,000,000,with tuition waivers granted on that amount of $200,000.
2.State funding was received in the amount of $2,000,000.
3.The bookstore and cafeteria sales amounted to $1,600,000,and their cost of sales was $1,500,000.Assume cash sales and cash purchases for these auxiliary operations.
4.Endowment income amounted to $100,000 that was restricted to chair the accounting department,and $200,000 of unrestricted income.
5.Expenses were incurred and paid as follows: faculty,$3,800,000 (including faculty chair,paid in part by endowment income); Student services,$250,000; Facilities operations,$350,000; and scholarships (excluding tuition waived),$400,000.
Required:
Prepare the journal entries for 2014 for Wilhelman University.

Wilhelman University,a Not-For-Profit,nongovernmental University,had the Following Transactions in 2014