Problem 3

Use the information to complete the assignment in the box below.

The following transactions of Arizona State College occurred during the 20162017 fiscal year:

Cash was received as follows for the purposes noted:

Educational and general:
EndowmentsInstitutional support and research	$80,000
Private giftsResearch	45,000
Federal grantsInstruction (reimbursement grant)	152,000
State grantStudent services (reimbursement grant)	25,000	$302,000
Auxiliary enterprises		135,000
		$437,000

2. Expenses paid for the restricted purposes were:

Educational and general:
Institutional support	$48,000
Research	27,000
Instruction	125,000
Student services	21,000	$221,000
Auxiliary enterprises		94,000
		$315,000

3. Investments of $200,000 were made.

Required Steps

Prepare journal entries for each of these listed transactions.