Question

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.

Required
Prepare journal entries for Boegner University for the 20X7–20X8 fiscalyear.


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  • CreatedOctober 25, 2014
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