Question: I need some assistance in checking my class work, I have completed the first two financial statements but I feel like Im missing something somewhere.

I need some assistance in checking my class work, I have completed the first two financial statements but I feel like Im missing something somewhere. Please help!

11-8. Presented below are the closing entries for Lee College, a private not-for-profit, for the year ended December 31, 2014.

DebitsCredits

RevenuesUnrestrictedTuition and Fees$11,000,000

RevenuesUnrestrictedUnrestricted Income on

Endowments Investments40,000

RevenuesUnrestrictedSales and Services of

Auxiliary Enterprise5,500,000

RevenuesUnrestrictedContributions100,000

Reclassifications to Unrestricted Net Assets

Satisfaction of Program Restrictions 720,000

Reclassifications to Unrestricted Net Assets

Satisfaction of Plant Acquisition Restrictions1,080,000

Net AssetsUnrestricted110,000

Tuition DiscountUnrestrictedStudent Aid $375,000

Instruction Expense 7,000,000

Research Expense4,500,000

Public Service Expense 1,200,000

Institutional Support Expense 1,600,000

Student Services Expense 150,000

Auxiliary Enterprise Expense 3,725,000

RevenuesTemporarily RestrictedContributions1,500,000

RevenuesTemporarily RestrictedGrants970,000

Reclassifications from Temporarily Restricted

Net AssetsSatisfaction of Program Restrictions 720,000

Reclassifications from Temporarily Restricted Net

AssetsSatisfaction of Plant Acquisition Restrictions1,080,000

Net AssetsTemporarily Restricted 720,000

RevenuesPermanently RestrictedContributions2,540,000

Gains on Long-Term Investments750,000

Net AssetsPermanently Restricted 3,290,000

Assume the January 1, 2015, net assets balances are as follows: $1,000,000 unrestricted net assets; $300,000 temporarily restricted net assets; and $1,760,000 permanently restricted net assets.

a.I need to prepare a Statement of Activities, a Statement of Unrestricted Revenues, Expenses and Other Changes in Unrestricted Net Assets together with a Statement of Changes in Net Assets.

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