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derro derro
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Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

Transactions:

1.   Tuition and fees assessed total $4,500; 70% is collected immediately; scholarships allowances are granted for $120; and $45 is expected to prove uncollectible.
2.   Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $275.
3.   Salaries and wages paid, $1,500; $62 of this was for employees of the university bookstore.
4.   Tuition remissions were granted in the amount of $35 for employees.
5.   Mortgage payments totaled $520; $290 of this was for interest.
6.   Restricted contributions for the Master of Accountancy (MAcc) program were received, $250.
7.   Expenditures for the MAcc program were incurred and paid, $230.
8.   Equipment was purchased from unrestricted resources, $34.

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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derro Author
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Thanks
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Smart ... Thanks!
Mcb
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