Please record the following transactions for Watsamatta University (aka Whatsamatta U), a public university whose mission is
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Please record the following transactions for Watsamatta University (aka “Whatsamatta U”), a public university whose mission is to prepare students for the culinary arts.
- Students were billed for tuition for next year, $400,000. Cash has not yet been received.
- Students were awarded $60,000 in academic scholarships, which were applied to their accounts in #1.
- The university received $32,000 of Pell Grants during the academic year. These amounts were immediately applied to tuition receivable for amounts due for tuition.
- During the year, $40,000 cash and pledges for an additional $70,000 were received as a result of fund-raising campaigns to enhance the University’s endowment. By terms of the agreement, these contributions are to remain permanently in the endowment. The $40,000 was immediately used to purchase additional investments.
- Several students were hired by the University to work in the University’s dining hall (auxiliary enterprise). As part of the compensation for working, tuition in the amount of $6,000 is waived.
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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