E20-4 Journal Entries for Unrestricted Current Fund The following are selected transactions of the unrestricted current fund of Eden State Uni- versity: 1. Eden received a total of $720,000 appropriations from the federal and state governments. 2. Tuition and fees collected were $2,160,000. În addition, tuition waivers of $180,000 are expected on $270,000 of tuition yet to be collected. 3. Nonmandatory transfers of $124,000 to endowment funds and S37,000 to loan funds and a mandatory transfer of $60,000 to plant funds for retirement of debt were made. 4. The dairy store is an auxiliary enterprise. Sales were $120,000 and collections $106,000; $900 was established for uncollectibles. Expenses were as follows: dairy products, $40,000; salaries, S45,000; other expenses, $30,000. Vouchers payable totaled $7,300. 5. University expenditures included $2,050,000 for instruction, $42,000 for research, S260,000 for student services, and $180,000 for plant operations. Of this total, $75,000 was for supplies used and $38,000 of payables remain at year-end. 6. Student financial aid approved $172,000 of tuition reductions. 7. Received $11,500 in deposits from resident students. Required Activate Windows etungs to activate Windows. Prepare journal entries for the transactions in the unrestricted current fund.
E20-4 Journal Entries for Unrestricted Current Fund The following are selected transactions of the unrestricted current fund of Eden State Uni- versity: 1. Eden received a total of $720,000 appropriations from the federal and state governments. 2. Tuition and fees collected were $2,160,000. În addition, tuition waivers of $180,000 are expected on $270,000 of tuition yet to be collected. 3. Nonmandatory transfers of $124,000 to endowment funds and S37,000 to loan funds and a mandatory transfer of $60,000 to plant funds for retirement of debt were made. 4. The dairy store is an auxiliary enterprise. Sales were $120,000 and collections $106,000; $900 was established for uncollectibles. Expenses were as follows: dairy products, $40,000; salaries, S45,000; other expenses, $30,000. Vouchers payable totaled $7,300. 5. University expenditures included $2,050,000 for instruction, $42,000 for research, S260,000 for student services, and $180,000 for plant operations. Of this total, $75,000 was for supplies used and $38,000 of payables remain at year-end. 6. Student financial aid approved $172,000 of tuition reductions. 7. Received $11,500 in deposits from resident students. Required Activate Windows etungs to activate Windows. Prepare journal entries for the transactions in the unrestricted current fund.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:E20-4 Journal Entries for Unrestricted Current Fund
The following are selected transactions of the unrestricted current fund of Eden State Uni.
versity:
1. Eden received a total of $720,000 appropriations from the federal and state governments.
2. Tuition and fees collected were $2,160,000. În addition, tuition waivers of $180.000 are
expected on $270,000 of tuition yet to be collected.
3. Nonmandatory transfers of $124,000 to endowment funds and $37,000 to loan funds and
a mandatory transfer of $60,000 to plant funds for retirement of debt were made.
4. The dairy store is an auxiliary enterprise. Sales were $120,000 and collections $106,000;
$900 was established for uncollectibles. Expenses were as follows: dairy products, $40,000;
salaries, $45,000; other expenses, $30,000. Vouchers payable totaled $7,300.
5. University expenditures included $2,050,000 for instruction, $42,000 for research,
$260,000 for student services, and $180,000 for plant operations. Of this total, $75,000 was
for supplies used and $38,000 of payables remain at year-end.
6. Student financial aid approved $172,000 of tuition reductions.
7. Received $11,500 in deposits from resident students.
Required
Activate Windows
fund. as to activate Windows.
Prepare journal entries for the transactions in the unrestricted current
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