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

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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)

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Oriole Company sells product 2005WSC for $55 per unit and uses the LIFO method. The cost of one unit of 2005WSC is $52, and the replacement cost is $51. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of selling price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-market?

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)

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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)

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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)

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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

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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.