Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit university:
- Tuition and fees assessed total $6,000,000. Eighty percent is collected by year-end, scholarships are granted for $200,000, and $100,000 is expected to be uncollectible.
- Revenues collected from sales and services of the university bookstore, and auxiliary enterprise, were $800,000.
- Salaries and wages were paid, $2,600,000. Of this amount, $170,000 was for employees of the university bookstore.
- Unrestricted resources were used to service the long-term mortgage on the university’s buildings, $1,000,000.
- Mortgage payments totaled $960,000, of which $600,000 was for interest.
- Restricted contributions for a specific academic program were received, $440,000.
Expenses for the restricted program were incurred and paid, $237,000.
Equipment was purchased from resources previously set aside for that purpose, $44,000.

Sagot :

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.