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Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22  to 8/31/22. The following are selected transactions of Smith College;  6/1/22 Smith College collects $300,000 tuition for the 2022 summer session  6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester  6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session  7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session

Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22  to 8/31/22. The following are selected transactions of Smith College;  6/1/22 Smith College collects $300,000 tuition for the 2022 summer session  6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester  6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session  7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1 – Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22

 to 8/31/22. The following are selected transactions of Smith College;

 6/1/22 Smith College collects $300,000 tuition for the 2022 summer session

 6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester

 6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session

 7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session

 

Required:

  1. Prepare the journal entries for the above transactions assuming Smith College is a private sector

 not for profit college

  1. Prepare the journal entries for the above transactions assuming Smith College is a State college
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