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.

---

Definitions:

Ribose Sugar

A five-carbon sugar that is a fundamental component of RNA (ribonucleic acid).

Free Energy

A thermodynamic quantity representing the amount of energy in a system that is available to do work.

Exergonic

A process that releases energy to its surroundings, typically in the form of work or heat.

High Energy Bond

A bond, typically found between phosphate groups in ATP, that releases a significant amount of energy when broken, commonly used in cellular processes.