Biology Forums - Study Force

(Identifying the net asset classifications and funds used for transactions by NFP colleges)

The following transactions occurred at a not-for-profit university. For each transactions, state the appropriate net asset classification and the fund used. (Transactions may require more than one net asset classification and more than one fund.)
      a.   The university paid its regular salaries for instruction and general administration.
      b.   The university bookstore, an auxiliary enterprise, paid its bi-weekly payroll.
      c.   The university sold bonds to finance construction of a new academic building.
      d.   The university made a transfer of funds to pay for the first year's debt service on the bonds issued in transaction c.
      e.   The university received a gift of $1,000,000, to be held in perpetuity, with the income to be used for any purpose approved by the university trustees.
      f.   The university trustees set aside $300,000 in a special loan fund to finance tuition loans to low-income students.

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Thanks so much f_zah1.

You were correct :D

You're very welcome!