Private college, closing entries, statement of activities. The preclosing trial balance of Park Private College has the following balances:
|
Debit |
Credit |
|
|
Expenses—Instruction |
1,230,000 |
|
|
Expenses—Research |
840,000 |
|
|
Expenses—Academic Support |
250,000 |
|
|
Expenses—Student Services |
200,000 |
|
|
Expenses—Institutional Support |
225,000 |
|
|
Expenses—Operation and Maintenance of Plant |
400,000 |
|
|
Expenses—Student Aid |
350,000 |
|
|
Expenses—Auxiliary Enterprises Expenses |
475,000 |
|
|
Reclassification Out—Temporarily Restricted— |
|
|
|
Satisfaction of Program Restrictions |
75,000 |
|
|
Reclassification Out—Temporarily Restricted— |
|
|
|
Satisfaction of Equipment Acquisitions Restrictions |
250,000 |
|
|
Reclassification Out—Temporarily Restricted— |
|
|
|
Expiration of Time Restrictions |
50,000 |
|
|
Tuition and Fees |
|
1,500,000 |
|
Contributions—Unrestricted |
|
265,000 |
|
Government Appropriations, Grants, and Contracts |
|
800,000 |
|
Other Investment Income—Unrestricted |
|
250,000 |
|
Sales and Services of Auxiliary Enterprises |
|
500,000 |
|
Reclassification In—Unrestricted—Satisfaction of |
|
|
|
Program Restrictions |
|
75,000 |
|
Reclassification In—Unrestricted—Satisfaction of |
|
|
|
Equipment Acquisition Restrictions |
|
250,000 |
|
Reclassification In—Unrestricted—Expiration of |
|
|
|
Time Restrictions |
|
50,000 |
|
Contributions—Temporarily Restricted |
|
200,000 |
|
Endowment Income—Temporarily Restricted |
|
15,000 |
|
Contributions—Permanently Restricted |
|
500,000 |
|
Net Realized Gains on Endowment— |
|
|
|
Temporarily Restricted |
|
25,000 |
|
Unrestricted Net Assets, Jan 1, 20X5 |
|
675,000 |
|
Temporarily Restricted Net Assets, Jan 1, 20X5 |
|
975,000 |
|
Permanently Restricted Net Assets, Jan 1, 20X5 |
|
2,500,000 |
1. Prepare closing entries for the three net asset classifications.
2. Prepare a statement of activities for the year ended December 31, 20X5, using a column for each of the net asset classifications.