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derro derro
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5 years ago
Below are selected transactions for the Lake County Community College (LCCC). LCCC reports as a special government engaged only in business-type activities. All amounts are in thousands of dollars.

Transactions:

1.   Tuition and fees charged for the fall 20X3 semester totaled $2,800. Of this, $98 was waived as a result of scholarship allowances, and another $15 is expected to be uncollectible.
2.   The college received a reimbursement grant restricted to research on composite materials, $300.
3.   Salaries paid to researchers in the Composite Materials Lab of $40 qualified under the research grant received.
4.   The college purchased equipment for use in its building and grounds maintenance department at a cost of $35. Unrestricted resources were used for this purpose.
5.   The college paid $30 interest and $15 principal on one of its mortgages.

Requirement:   Prepare the necessary journal entries to record these transactions.
Textbook 
Governmental and Nonprofit Accounting

Governmental and Nonprofit Accounting


Edition: 11th
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bolbolbolbol
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