Prepare the private, non-profit college journal entries for the following transactions: (all amounts are in thousands)...

 

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Prepare the private, non-profit college journal entries for the following transactions: (all amounts are in thousands) (1) The college received $1,400 representing $228 tuitition for the next academic fiscal period with the remainder representing tuition for this period. Additionally, $51 recieved last period for this period is recognized. Make two entries, one for the cash receipt and one for the recognition of the $51. (2) The previous allowance for doubtful accounts was $18. It is determined that $3 should be written off, and the allowance balance should then become $20. Make two entries; one for the write-off and one for the allowance adjustment. (3) Investments on the books at $32 were sold for $30. (4) Six months interest on 5% bond investments with a face value of $600 was received. Prepare the private, non-profit college journal entries for the following transactions: (all amounts are in thousands) (1) The college received $1,400 representing $228 tuitition for the next academic fiscal period with the remainder representing tuition for this period. Additionally, $51 recieved last period for this period is recognized. Make two entries, one for the cash receipt and one for the recognition of the $51. (2) The previous allowance for doubtful accounts was $18. It is determined that $3 should be written off, and the allowance balance should then become $20. Make two entries; one for the write-off and one for the allowance adjustment. (3) Investments on the books at $32 were sold for $30. (4) Six months interest on 5% bond investments with a face value of $600 was received.

Answer rating: 100% (QA)

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