Prepare the journal entries required for Rocco State University to record the following transactions.
1. Tuition and fees assessed total $3,000,000—80% is collected, scholarships are granted for $100,000; $50,000 is expected to prove uncollectible; and $20,000 of the scholarships are waivers for employees.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $400,000.
3. Salaries and wages were paid, $1,300,000. Of this amount, $85,000 was for employees of the university bookstore.
4. Mortgage payments totaled $480,000. Of this amount, $300,000 was for interest.
5. Restricted contributions for a specific academic program were received, $220,000.
6. Expenses for the restricted program were incurred and paid, $100,000.
7. Equipment was purchased from resources previously contributed for that purpose, $22,000.

  • CreatedOctober 25, 2014
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