Albatross University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
1.Tuition bills were sent amounting to $8,000,000,with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000,and $220,000 was expected to be uncollectible.
2.Cafeteria sales,all cash,were $1,400,000.
3.Salaries and wages were paid amounting to $5,500,000,of which $370,000 was for cafeteria staff.
4.Long-term debt payments were made from general funds amounting to $800,000,of which $130,000 was for interest.
5.Equipment was purchased for the engineering department with funds previously set aside for that purpose,amounting to $180,000.
Required:
Prepare the journal entries for 2014 for Albatross University.

Question

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The Answer of Albatross University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
1.Tuition bills were sent amounting to $8,000,000,with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000,and $220,000 was expected to be uncollectible.
2.Cafeteria sales,all cash,were $1,400,000.
3.Salaries and wages were paid amounting to $5,500,000,of which $370,000 was for cafeteria staff.
4.Long-term debt payments were made from general funds amounting to $800,000,of which $130,000 was for interest.
5.Equipment was purchased for the engineering department with funds previously set aside for that purpose,amounting to $180,000.
Required:
Prepare the journal entries for 2014 for Albatross University.

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