The following transactions of Rumbaugh State College occurred during the 20X520X6 fiscal year: 1. Cash was received
Question:
The following transactions of Rumbaugh State College occurred during the 20X5–20X6 fiscal year:
1. Cash was received as follows for the purposes noted:
2. Expenses paid for the restricted purposes were:
3. Investments of $100,000 were made.
Required
Prepare journal entries for thesetransactions.
Educational and general . 75,000 Endowments Institutional support and research Private gifts- Research Federal grants Instruction (reimbursement grant) -. . 150,000 State grant Student services (reimbursement grant) .20,000 285,0o .. -. - 40,000 - .. Auxiliary enterprises .. .. 1300 415,0 Educational and general Institutional support Research Instruction Student services S 40,000 .- ..3 .- .. 125,000. 30,000 .. . 20,000 215,000 0,000 305,000 Auxiliary enterprises
Step by Step Answer:
1 Cash 415000 Revenues x Endowment Gifts x Institutional Support and Research 75000 Revenues x Priva...View the full answer
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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