Question: Prepare the journal entries for Boegner University Problem assuming that

Prepare the journal entries for Boegner University, Problem, assuming that it is a nongovernment, not-for-profit university. In Problem, the trial balance of Boegner University, a government university, on September 1, 20X7, was as follows:

Boegner University’s dormitory and food service facilities are operated as auxiliary enterprises. The following transactions took place during the current fiscal year:
1. Collections amounted to $2,270,000, distributed as follows: tuition and fees, $1,930,000; unrestricted gifts, $170,000; sales and services of educational activities, $115,000; other sources, $25,000; accounts receivable, $30,000.
2. Receivables at year end were $29,000, consisting entirely of tuition and fees revenues.
3. It is estimated that tuition receivable of $3,000 will never be collected.
4. Revenues from auxiliary enterprises were $300,000, all collected.
5. Materials purchased during the year for cash, $500,000; on account, $50,000.
6. Materials used amounted to $510,000, distributed as follows:

7. Salaries and wages paid:

8. Other expenses paid:

9. Interest expenses chargeable to Institutional Support, $3,000, were paid.
10. Vouchers payable paid,$40,000.
View Solution:

Sale on SolutionInn
  • CreatedOctober 25, 2014
  • Files Included
Post your question