Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner

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Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.

STEINER COLLEGE Statement of Financial Position June 30, 2016 (amounts in thousands)

Assets

Cash and cash equivalents $ 750

Short-term investments 7,679

Tuition and fees receivable (net of doubtful accounts of $15) 245

Pledges receivable (net of doubtful accounts of $295) 5,890

Prepaid assets 1,378

Property, plant and equipment (net of accumulated depreciation of $104,440) 281,419

Investments (at fair value, cost of $165,700) 160,000

Total assets $ 457,361

Liabilities and Net Assets Liabilities:

Accounts payable and accrued liabilities $ 21,320

Deposits held in custody for others 718

Unearned revenue 914

Bonds payable 96,000

Total liabilities 118,952

Net Assets:

Unrestricted $ 104,200

Temporarily restricted 33,200

Permanently restricted 201,009

Total net assets 338,409

Total liabilities and net assets $ 457,361

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.

1. During the year charges for tuition and fees were $244,710; scholarships were $16,460; And tuition waivers for scholastic achievement were $5,310. After payment was received tuition refunds of $11,390 were given. Tuition waiver of $17,500 for students serving as teaching assistants for instruction were accrued.

2. The college received unrestricted cash contributions of $2,290, pledges to be collected in 2018 of $551, and cash contributions to the endowments of $350. It also collected $836 of Pledges Receivable that were unrestricted.

3. Collections on Tuition and Fees Receivable totalled $222,740.

4. Net deposits returned to students totalled $10.

5. Expenses were incurred for: Instruction $ 86,360. Academic support 23,520. Student services 37,890. Institutional support 28,710. Related to the expenses incurred: prepaid assets of $546 were used, $4,791 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,530 in temporarily restricted net assets.

6. The ending balance in Accounts Payable and Accrued Liabilities was 2,185.

7. Investment earnings received for the period were $4,170, of which $2,270 was temporarily restricted.

8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $13, to record depreciation expense of $26,560 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,910 ($1,040 was related to temporarily restricted net assets, $1,800 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).

9. Nominal accounts were closed.

a-1 Prepare journal entries to record the foregoing transactions for the year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.)