Journal entries and statement of activities—Nongovernmental not for profit college
The following information relates to revenues and expenses for a private not for profit college:
|
Tuition and Fees |
|
|
Total assessed |
$2,000,000 |
|
Tuition waivers |
120,000 |
|
Appropriations |
|
|
State |
800,000 |
|
Local |
300,000 |
|
Auxiliary Enterprises |
|
|
Sales |
500,000 |
|
Expenses |
480,000 |
|
Endowment Income |
|
|
Restricted to research |
70,000 |
|
Unrestricted |
20,000 |
|
Private Gifts and Grants |
|
|
Restricted to student scholarships |
300,000 |
|
Unrestricted |
80,000 |
|
Expenses |
|
|
Instruction |
2,100,000 |
|
Research |
100,000 |
|
Student services |
120,000 |
|
Operation of plant |
180,000 |
|
Scholarships (does not include tuition waivers) |
200,000 |
REQUIRED: Prepare journal entries and a statement of activities for the college.