Selected Transactions of Shelbyville State University Are Listed Below $\underline{\text{ Transactions: }}$

question 22

Essay

Selected transactions of Shelbyville State University are listed below. The university reports as a special purpose government engaged in only business-type activities. All amounts are in thousands of dollars.

$\underline{\text{ Transactions: }}$
1. Tuition and fees assessed total $4,500; 70% is collected immediately; scholarships allowances are granted for $120; and $45 is expected to prove uncollectible.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $275.
3. Salaries and wages paid, $1,500; $62 of this was for employees of the university bookstore.
4. Tuition remissions were granted in the amount of $35 for employees.
5. Mortgage payments totaled $520; $290 of this was for interest.
6. Restricted contributions for the Master of Accountancy (MAcc) program were received, $250.
7. Expenditures for the MAcc program were incurred and paid, $230.
8. Equipment was purchased from unrestricted resources, $34.

$\underline{\text{ Requirement: }}$ Prepare the necessary journal entries to record these transactions.

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Definitions:

Motor Milestones

Developmental achievements involving movement and physical activity, such as crawling, walking, and grasping.

Moro Reflex

A startle reflex seen in newborns, which involves flinging the arms outwards and then hugging themselves, in response to a feeling of falling or loud noises.

Palmer Grasp

An infantile reflex that involves the curling of fingers around an object placed in the palm of the hand.

Rooting

An instinctual reflex in babies that prompts them to turn their head toward a touch on their cheek or mouth area, assisting in breastfeeding.