Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Question
Chapter 19, Problem 19.4.1P
To determine
Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.
To Prepare:
The journal entries for the foregoing events.
Expert Solution & Answer
Explanation of Solution
Journal entries for the foregoing events are as follows:
Current Funds | |||||
Entry | Unrestricted | Restricted | |||
Letter | Accounts | Debit | Credit | Debit | Credit |
(a) | Cash | $3,000,000 | |||
$362,000 | |||||
Revenues-Tuition and Fees | $2,500,000 | ||||
Deferred Revenues-Tuition and Fees | $138,000 | ||||
(to record the cash collected from students) | |||||
(b) | Deferred Revenues-Tuition and Fees | $25,000 | |||
Revenue-Tuition and Fees | $25,000 | ||||
(to record the deferred revenues) | |||||
(c) | Allowance for Un collectibles | $13,000 | |||
Accounts Receivables | $13,000 | ||||
(to record the allowance for un collectibles) | |||||
Revenues- Student Tuition and Fees | $8,000 | ||||
Allowance for Un collectibles | $8,000 | ||||
(to record the revenues) | |||||
(d) | State Appropriations Receivable | $60,000 | |||
Revenues—Governmental Appropriations | $60,000 | ||||
(to record the state appropriations receivable) | |||||
(e) | Cash | $80,000 | |||
Revenues—Private Gifts and Grants | $80,000 | ||||
(to record the revenues) | |||||
Fund Balance | $30,000 | ||||
Cash | $30,000 | ||||
(to record the fund balance) | |||||
(f) | Cash | $31,000 | |||
Investments | $25,000 | ||||
Fund Balance | $6,000 | ||||
(to record the investments and fund balance) | |||||
Investments | $40,000 | ||||
Cash | $40,000 | ||||
(to record the investments) | |||||
Cash | $18,000 | ||||
Fund Balance | $18,000 | ||||
(to record the fund balance) | |||||
(g) | Expenditures | $2,500,000 | |||
Accounts payable | $2,500,000 | ||||
(to record the expenditures) | |||||
Accounts Payable | $2,525,000 | ||||
Cash | $2,525,000 | ||||
(to record the accounts payable) | |||||
(h) | Accounts Payable | $5,000 | |||
Cash | $5,000 | ||||
(to record the accounts payable) | |||||
Expenditures | $10,000 | ||||
Cash | $10,000 | ||||
(to record the expenditures) | |||||
Fund Balance | $10,000 | ||||
Revenues | $10,000 | ||||
(to record the fund balance) | |||||
(i) | Other Funds | $40,000 | |||
Cash | $40,000 | ||||
(to record the other funds) | |||||
(j) | Expenditures | $10,000 | |||
Prepaid expenses | $10,000 | ||||
(to record the prepaid expenses) |
Table (1)
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Chapter 19 Solutions
Advanced Accounting
Ch. 19 - Prob. 1UTICh. 19 - Prob. 2UTICh. 19 - Prob. 3UTICh. 19 - Distinguish assets lmited as to use from...Ch. 19 - Prob. 5UTICh. 19 - Prob. 6UTICh. 19 - Prob. 1ECh. 19 - Record the following operating activities: 1....Ch. 19 - Record the following events that affect the loan...Ch. 19 - Prob. 5E
Ch. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 19.1.1PCh. 19 - Prob. 19.1.3PCh. 19 - Prob. 19.1.4PCh. 19 - Prob. 19.1.5PCh. 19 - Prob. 19.1.6PCh. 19 - Prob. 19.1.7PCh. 19 - Prob. 19.1.8PCh. 19 - Prob. 19.1.9PCh. 19 - Prob. 19.1.10PCh. 19 - Prob. 19.2.1PCh. 19 - Prob. 19.2.2PCh. 19 - Prob. 19.2.3PCh. 19 - Prob. 19.2.4PCh. 19 - Prob. 19.2.5PCh. 19 - Prob. 19.2.6PCh. 19 - Prob. 19.2.7PCh. 19 - Prob. 19.2.9PCh. 19 - Prob. 19.2.10PCh. 19 - Prob. 19.4.1PCh. 19 - Prob. 19.4.2PCh. 19 - Prob. 19.5PCh. 19 - Prob. 19.6.1PCh. 19 - Prob. 19.6.2PCh. 19 - Prob. 19.7.1PCh. 19 - Prob. 19.7.2PCh. 19 - Prob. 19.8.1PCh. 19 - Prob. 19.8.2PCh. 19 - Prob. 19.10.1PCh. 19 - Prob. 19.10.2PCh. 19 - Prob. 19.10.3PCh. 19 - Prob. 19.10.4PCh. 19 - Prob. 19.10.5PCh. 19 - Prob. 19.10.6PCh. 19 - Prob. 19.10.7PCh. 19 - Prob. 19.10.8PCh. 19 - Prob. 19.10.9PCh. 19 - Prob. 19.10.10PCh. 19 - Prob. 19.11.1PCh. 19 - Prob. 19.11.2PCh. 19 - Prob. 19.11.3PCh. 19 - Prob. 19.11.4PCh. 19 - Prob. 19.11.5PCh. 19 - Prob. 19.11.6PCh. 19 - Prob. 19.11.7PCh. 19 - Prob. 19.11.8PCh. 19 - Prob. 19.11.9PCh. 19 - Prob. 19.11.10PCh. 19 - The following nominal accounts were extracted from...Ch. 19 - Prob. 19.15P
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