This is the pre-closing trial balance for a private university. The requirements are to prepare the closing
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This is the pre-closing trial balance for a private university. The requirements are to prepare the closing journal entries. I am needing a little help with them. Thank you.
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Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Unearned Revenue Preclosing Trial Balance June 30, 2017 Bonds Payable Net Assets-Unrestricted Net Assets-Temporarily Restricted Net Assets-Permanently Restricted Net Assets Released from Restrictions-Temporarily Restricted Net assets Released from Restrictions-Unrestricted Tuition and Fees Tuition and Fees Discount and Allowances Contributions-Unrestricted Contributions-Temporarily Restricted Contributions-Permanently Restricted Grants and Contracts-Temporarily Restricted Investment Income-Unrestricted Investment Income-Temporarily Restricted Other Revenue Auxiliary Enterprise Sales and Services Gain on Sale of Investments Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses $ Debits 516,600 3,200,000 372,400 223,000 2,196,160 426,850 327,000 $ Credits 75,600 79,000 658,720 103,000 37,500 17,570 62,150 792,000 3,353,110 340,600 980,000 426,850 1,290,750 310,200 177,000 150,000 324,000 50,500 29,500 13,250 153,560 70,000 179,200 1,044,630 571,800 240,560 193,000 203,360 158,700 $9,674,060 $ 9,674,060 Cash and Cash Equivalents Investments Tuition and Fees Receivable Allowance for Doubtful Accounts Pledges Receivable Allowance for Doubtful Pledges Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Accrued Liabilities Deposits Held in Custody for Others Unearned Revenue Preclosing Trial Balance June 30, 2017 Bonds Payable Net Assets-Unrestricted Net Assets-Temporarily Restricted Net Assets-Permanently Restricted Net Assets Released from Restrictions-Temporarily Restricted Net assets Released from Restrictions-Unrestricted Tuition and Fees Tuition and Fees Discount and Allowances Contributions-Unrestricted Contributions-Temporarily Restricted Contributions-Permanently Restricted Grants and Contracts-Temporarily Restricted Investment Income-Unrestricted Investment Income-Temporarily Restricted Other Revenue Auxiliary Enterprise Sales and Services Gain on Sale of Investments Unrealized Gain on Investments Instruction Expense Research Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprise Expenses $ Debits 516,600 3,200,000 372,400 223,000 2,196,160 426,850 327,000 $ Credits 75,600 79,000 658,720 103,000 37,500 17,570 62,150 792,000 3,353,110 340,600 980,000 426,850 1,290,750 310,200 177,000 150,000 324,000 50,500 29,500 13,250 153,560 70,000 179,200 1,044,630 571,800 240,560 193,000 203,360 158,700 $9,674,060 $ 9,674,060
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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