Kazoo College, a small not-for-profit private college, had the following transactions in fiscal year 2020.

1. Gross tuition and fees revenue totaled $11,200,000. Tuition waivers and scholarships of $692,000 were granted.

2. Students received tuition refunds of $203,340.

3. During the year, the college received $3,782,000 cash in unrestricted private gifts,

4. The College received $2,000,000 in securities restricted for an endowment.

5. A pledge campaign generated $1,746,000 in pledges. Of the amount pledged, $1,146,400 was for the capital construction campaign, $600,000 was for endowments.

6. Collections of tuition receivable totaled $10,160,000.

7. During the year, the following expenses were paid in cash:

Instruction.............................. $7,132,080

Academic support................... 3,974,000

Student services........................ 175,960

Institutional support................ 1,002,260

Auxiliary enterprises................... 184,820

Answer rating: 100% (QA)

Events Accounts Debit Credit 1 Tuition receivable 10508000 Instruction expense 6920... View the full answer