1. Blue City College, a nonprofit organization, provides education services to adults who wish to complete their bachelor degrees.

List the journal entry that should be prepared by Blue City for each of the following transactions. If no journal entry is necessary, list “No Entry Required” as your answer. Alongside each journal entry, write either R if the revenue is restricted or an N if it is not restricted.

1. Tuition revenue amounted to $4,000,000 for the year.
2. A current student promised a donation of $10,000 upon the completion of her bachelor’s degree.
3. Alumni made promises to donate $100,000 during Blue City’s annual fund drive.
4. Cash receipts from the sale of tickets to athletic events totaled $15,000 for the month. All proceeds from athletic events are designated to support athletic programs.
5. Several students volunteered to serve as receptionists during the athletic events. Had these students been paid, their salaries would have totaled $2,000.
6. An Accounting alumnus pledged to donate $50,000. The funds must be used to support a scholarship for Accounting majors.

Answer rating: 100% (QA)

aN no entry required b R No entry Required now cR No ... View the full answer