The following selected transactions affected the Current Unrestricted Funds of Tiger State University (public) during the current fiscal year:

a.The Board of Control approved a budget estimating $10,000,000 in revenues and expenses of $9,850,000.

b.Student tuition assessed during the year was $4,000,000, of which $3,700,000 had been collected, with 3% considered uncollectible.

c.Student aid included $500,000 in cash scholarships and $75,000 in tuition remission.

d.Salary and wages during the year included $5,500,000 for instruction, $500,000 for academic support, and $700,000 for institutional support.

e.A grant received of $10,000 in cash was restricted to use for laser technology research.
Required:

Make the journal entries necessary to record the selected transactions.

Question

The following selected transactions affected the Current Unrestricted Funds of Tiger State University (public) during the current fiscal year:
​
a.The Board of Control approved a budget estimating $10,000,000 in revenues and expenses of $9,850,000.​
​
b.Student tuition assessed during the year was $4,000,000, of which $3,700,000 had been collected, with 3% considered uncollectible.​
​
c.Student aid included $500,000 in cash scholarships and $75,000 in tuition remission.​
​
d.Salary and wages during the year included $5,500,000 for instruction, $500,000 for academic support, and $700,000 for institutional support.​
​
e.A grant received of $10,000 in cash was restricted to use for laser technology research.​
Required:
​
Make the journal entries necessary to record the selected transactions.

Quizplus · Accepted Answer

The Answer of The following selected transactions affected the Current Unrestricted Funds of Tiger State University (public) during the current fiscal year:
​
a.The Board of Control approved a budget estimating $10,000,000 in revenues and expenses of $9,850,000.​
​
b.Student tuition assessed during the year was $4,000,000, of which $3,700,000 had been collected, with 3% considered uncollectible.​
​
c.Student aid included $500,000 in cash scholarships and $75,000 in tuition remission.​
​
d.Salary and wages during the year included $5,500,000 for instruction, $500,000 for academic support, and $700,000 for institutional support.​
​
e.A grant received of $10,000 in cash was restricted to use for laser technology research.​
Required:
​
Make the journal entries necessary to record the selected transactions.

The Following Selected Transactions Affected the Current Unrestricted Funds of Tiger