Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. Of that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 5. The state appropriation for operations was received in the amount of $43,000,000.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000.
Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your
answers (operating revenues, nonoperating revenues, etc.):
1. Deferred revenues were earned prior to December 2022.
2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF
that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the
2023 summer session that took place after June 30, 2023.
3. Student scholarships amounted to $2,500,000. No services were required of the students.
4. Student assistantships and work-study stipends amounted to $2,000,000.
5. Auxiliary enterprise revenues amounted to $10,500,000.
3. The state appropriation for operations was received in the amount of $43,000,000.
Pell Grants in the amount of $ 18,000,000 were received.
3. The Pell Grants were applied to student accounts receivable.
Transcribed Image Text:Tesla State University is a public university. Assume deferred revenues as of July 1, 2022 are in the amount of $3,500,000. Record appropriate transactions for the year ended June 30, 2023. Properly classify the revenue transactions in your answers (operating revenues, nonoperating revenues, etc.): 1. Deferred revenues were earned prior to December 2022. 2. During the fiscal year ended June 30, 2023, student tuition and fees were assessed in the amount of $68,000,000. OF that amount, $52,000,000 was collected in cash. Also, of that amount, $2,400,000 pertained to that portion of the 2023 summer session that took place after June 30, 2023. 3. Student scholarships amounted to $2,500,000. No services were required of the students. 4. Student assistantships and work-study stipends amounted to $2,000,000. 5. Auxiliary enterprise revenues amounted to $10,500,000. 3. The state appropriation for operations was received in the amount of $43,000,000. Pell Grants in the amount of $ 18,000,000 were received. 3. The Pell Grants were applied to student accounts receivable.
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