Journal Entries : 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.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

! Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Debits $ Credits 96,000 $ 32,000 28,000 45,000 47,000 12,000 712,000 89,000 550,000 479,000 45,000 17,000 Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals 40,000 18,000 4,000 119,000 625,000 $1,479,000 $1,479,000 Prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of…

Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000…

The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2022, follows. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2022 Assets Cash $ 227,000 Accounts receivable (net of doubtful accounts of $13,000) 319,000 Investments 215,000 Capital assets $ 1,505,000 Accumulated depreciation 235,000 1,270,000 Total assets 2,031,000 Liabilities Accounts payable 89,000 Accrued liabilities 36,000 Unearned revenue 26,000 Bonds payable 624,000 Total liabilities 775,000 Net Position Net investment in capital assets 646,000 Restricted 159,000 Unrestricted 451,000 Total net position $ 1,256,000 The following information…

Answer 2

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Answer 6

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Answer 7

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

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.

Answer 8

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
	Accounts Receivable		$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 [$10,000−($15,000−$13,000)]		$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 ($100,000+$2,500,000−$75,000)		$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)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 19 - Prob. 1UTI Ch. 19 - Prob. 2UTI Ch. 19 - Prob. 3UTI Ch. 19 - Distinguish assets lmited as to use from...Ch. 19 - Prob. 5UTI Ch. 19 - Prob. 6UTI Ch. 19 - Prob. 1E Ch. 19 - Record the following operating activities: 1....Ch. 19 - Record the following events that affect the loan...Ch. 19 - Prob. 5E

Journal Entries : 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.

Concept explainers

Journal Entries:

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.

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Journal Entries : 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.

Concept explainers

Journal Entries: 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.

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Journal Entries:

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.