American University of Beirut tuition revenues received in cash for the Fall semester 2019 (August- December)...

 

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American University of Beirut tuition revenues received in cash for the Fall semester 2019 (August- December) was $2 million; tuition for the Spring semester 2020 (January-May) was $1,900,000 million; tuition for the Summer semester 2020 (June 1-August 15) was $500,000. However the faculty salaries for the Fall semester were $1.5 million; for the Spring semester, $1,450,000; for the Summer semester were $250,000. During June, $1,600,000 of tuition applicable to the Fall 2020 was received in cash. All salaries are paid at the end of the month earned. Salaries earned in summer are June $100,000, July $100,000 and August $50,000. AUB received a grant notice of $50,000 for research purposes, however the university spent 4,000 for survey distribution and $6,000 for those working on the research. A sponsor pledged $500,000 to build a new building for the business school. AUB uses the straight line method to record its plant and equipment depreciation, which were purchased at a cost of $60,000,000, residual value of $10,000 and an estimated useful life of 40 years. Required: Journalize the necessary transactions American University of Beirut tuition revenues received in cash for the Fall semester 2019 (August- December) was $2 million; tuition for the Spring semester 2020 (January-May) was $1,900,000 million; tuition for the Summer semester 2020 (June 1-August 15) was $500,000. However the faculty salaries for the Fall semester were $1.5 million; for the Spring semester, $1,450,000; for the Summer semester were $250,000. During June, $1,600,000 of tuition applicable to the Fall 2020 was received in cash. All salaries are paid at the end of the month earned. Salaries earned in summer are June $100,000, July $100,000 and August $50,000. AUB received a grant notice of $50,000 for research purposes, however the university spent 4,000 for survey distribution and $6,000 for those working on the research. A sponsor pledged $500,000 to build a new building for the business school. AUB uses the straight line method to record its plant and equipment depreciation, which were purchased at a cost of $60,000,000, residual value of $10,000 and an estimated useful life of 40 years. Required: Journalize the necessary transactions

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