Luke Skywalker College has chosen to report as a public university reporting as a special-purpose entity engaged. Deferred Revenues were reported as of July 1, 2014 in the amount of $5,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2015. Include in the account titles the proper revenue classification (operating revenues, non operating revenues, etc.).
Deferred revenues related to unearned revenues for the summer session which ended in August 2014. Record the Journal Entry.
A) During the fiscal year ended June 30, 2015, student tuition and fees were assessed in the amount of $78,930,000. Of that amount, $72,328,000 was collected in cash. Also of that amount, $4,307,000 pertained to that portion of the 2015 summer session that took place on June 30, 2015. (3 entries)
B) Student scholarships, for which no services were required, amounted to $2,500,000. Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters. Student scholarships for which services were required, such as graduate assistantships, amounted to $3,475,000. These students also applied their scholarships and fellowship awards to their tuition bills at the beginning of each semester. Record the Journal Entry.
C) Auxiliary enterprises revenues amounted to $35,000,000; $40,000 has not been paid yet. Record the Journal Entry.
D) The state appropriation for operations amounted to $35,400,000. Record the Journal Entry.
E) The state appropriation for capital outlay amounted to 13,500,000. Record the Journal Entry
F) Gifts for endowment purposes amounted to $15,000,500. Gifts restricted for capital projects amounted to $7,000,000. Interest income, all unrestricted amounted to $720,000. Record the Journal Entry.
G) The cash for endowments purposes in the previous question was immediately invested (be careful, there are restricted and unrestricted funds involved). Record the Journal entry.
(The previous question was "Gifts for endowment purposes amounted to $15,000,500. Gifts restricted for capital projects amounted to $7,000,000. Interest income, all unrestricted amounted to $720,000.")
H) Depreciation was recorded, all charged as unrestricted expense. The college owned $1,200,000 in depreciable assets, which had a residual value of $300,000. The college uses straight-line and assumes a 30 year depreciation period. Record the Journal Entry