Journal Entries : Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order. To Prepare: The journal entries for the foregoing events.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

???

given answer of this Financial accounting question

Radiant Motors has sales of $5,250, totalassets of $3,900, and a profit margin of 6 percent. The firm has a total debtratio of 48 percent. What is the return on equity?

Answer 2

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Answer 6

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Answer 7

Chapter 19, Problem 19.4.1P

To determine

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Answer 8

Expert Solution & Answer

Explanation of Solution

Journal entries for the foregoing events are as follows:

		Current Funds
Entry		Unrestricted		Restricted
Letter	Accounts	Debit	Credit	Debit	Credit
(a)	Cash	$3,000,000
	Accounts Receivable		$362,000
	Revenues-Tuition and Fees		$2,500,000
	Deferred Revenues-Tuition and Fees		$138,000
	(to record the cash collected from students)

(b)	Deferred Revenues-Tuition and Fees	$25,000
	Revenue-Tuition and Fees		$25,000
	(to record the deferred revenues)

(c)	Allowance for Un collectibles	$13,000
	Accounts Receivables		$13,000
	(to record the allowance for un collectibles)

	Revenues- Student Tuition and Fees	$8,000
	Allowance for Un collectibles [$10,000−($15,000−$13,000)]		$8,000
	(to record the revenues)

(d)	State Appropriations Receivable	$60,000
	Revenues—Governmental Appropriations		$60,000
	(to record the state appropriations receivable)

(e)	Cash	$80,000
	Revenues—Private Gifts and Grants		$80,000
	(to record the revenues)

	Fund Balance	$30,000
	Cash		$30,000
	(to record the fund balance)

(f)	Cash			$31,000
	Investments				$25,000
	Fund Balance				$6,000
	(to record the investments and fund balance)

	Investments			$40,000
	Cash				$40,000
	(to record the investments)

	Cash			$18,000
	Fund Balance				$18,000
	(to record the fund balance)

(g)	Expenditures	$2,500,000
	Accounts payable		$2,500,000
	(to record the expenditures)

	Accounts Payable	$2,525,000
	Cash ($100,000+$2,500,000−$75,000)		$2,525,000
	(to record the accounts payable)

(h)	Accounts Payable			$5,000
	Cash				$5,000
	(to record the accounts payable)

	Expenditures			$10,000
	Cash				$10,000
	(to record the expenditures)

	Fund Balance			$10,000
	Revenues				$10,000
	(to record the fund balance)

(i)	Other Funds	$40,000
	Cash		$40,000
	(to record the other funds)

(j)	Expenditures	$10,000
	Prepaid expenses		$10,000
	(to record the prepaid expenses)

Table (1)

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 19 - Prob. 1UTI Ch. 19 - Prob. 2UTI Ch. 19 - Prob. 3UTI Ch. 19 - Distinguish assets lmited as to use from...Ch. 19 - Prob. 5UTI Ch. 19 - Prob. 6UTI Ch. 19 - Prob. 1E Ch. 19 - Record the following operating activities: 1....Ch. 19 - Record the following events that affect the loan...Ch. 19 - Prob. 5E

Journal Entries : Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order. To Prepare: The journal entries for the foregoing events.

Concept explainers

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Journal Entries : Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order. To Prepare: The journal entries for the foregoing events.

Concept explainers

Journal Entries: Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order. To Prepare: The journal entries for the foregoing events.

Explanation of Solution

Want to see more full solutions like this?

Chapter 19 Solutions

Journal Entries:

Journal entries refers to the procedure which records all the transactions whether it is economic transaction or non-economic transaction in a chronological order.

To Prepare:

The journal entries for the foregoing events.