Prepared Journal Entries. Shelbyville State University is a public university with a June 30 fiscal year end.Prepare the journal entries in good form.1 Student tuition and fees were billed for $3,800,000 with 75% collected in cash and 2.5% considereduncollectible.2 Pell grants in the amount of $2,100,000 were received and applied to student accounts.3 Student scholarships, for which no services were required, amounted to $550,000 and wereapplied to student tuition accounts.4 The University incurred $350,000 of qualified expenditures under a cost-reimbursement grantfrom the Department of Defense.5 The University received a state appropriation of $530,000 and unrestricted gifts of $48,000.6 Student scholarships and fellowships for which services were required amounted to $275,000 andwere applied to student tuition accounts.7 By year end, the University received $270,000 from the Department of Defense for thereimbursement grant.8 An alum contributed $115,000 for a permanent endowment. The cash was immediately invested.9 By the terms of the endowment agreements, interest and dividends received on the investmentsare restricted for need-based scholarships. Gains or losses from changes in fair value of theinvestments are not distributed but remain in the endowment. During the year, $24,000 ofinterest and dividends were received on endowment investments. At year end, the investmentsfair value increased by $31,000.Dollar AmountsJE #Account NameDebitCredit

Journal entry refers to the recording of various transactions in the books of accounts of the…

Shelbyville State University is a public university with a June 30 fiscal year end. Prepare the journal entries in good fom. 1 Student tuition and fees were billed for $3,800,000 with 75% collected in cash and 2.5% considered uncollectible. 2 Pell grants in the amount of $2,100,000 were received and applied to student accounts. 3 Student scholarships, for which no services were required, amounted to $550,000 and were applied to student tuition accounts. 4 The University incurred $350,000 of qualified expenditures under a cost-reimbursement grant from the Department of Defense.

Shelbyville State University is a public university with a June 30 fiscal year end. Prepare the journal entries in good fom. 1 Student tuition and fees were billed for $3,800,000 with 75% collected in cash and 2.5% considered uncollectible. 2 Pell grants in the amount of $2,100,000 were received and applied to student accounts. 3 Student scholarships, for which no services were required, amounted to $550,000 and were applied to student tuition accounts. 4 The University incurred $350,000 of qualified expenditures under a cost-reimbursement grant from the Department of Defense.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 9Q

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