Advanced Accounting
Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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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
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Explanation of Solution

Journal entries for the foregoing events are as follows:

    Current Funds
    EntryUnrestrictedRestricted
    LetterAccountsDebitCreditDebitCredit
    (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)

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