Albatross University,a Not-For-Profit,nongovernmental University,had the Following Transactions in 2011

question 19

Essay

Albatross University,a not-for-profit,nongovernmental university,had the following transactions in 2011.
1.Tuition bills were sent amounting to $8,000,000,with 70% collected before the end of the fiscal year;tuition waivers were granted on the total amount of $400,000,and $220,000 was expected to be uncollectible.
2.Cafeteria sales,all cash,were $1,400,000.
3.Salaries and wages were paid amounting to $5,500,000,of which $370,000 was for cafeteria staff.
4.Long-term debt payments were made from general funds amounting to $800,000,of which $130,000 was for interest.
5.Equipment was purchased for the engineering department with funds previously set aside for that purpose,amounting to $180,000.
Required:
Prepare the journal entries for 2011 for Albatross University.

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Definitions:

Error Variable

A variable in statistical models that captures the difference between observed and predicted values, often due to randomness or unexplained variation.

Probability Distribution

It is a mathematical approach that calculates the probability of various possible scenarios in an experiment.

Significance Level

The threshold in hypothesis testing that determines whether the evidence is sufficient to reject the null hypothesis.

Cholesterol Level

A measurement of the different types of cholesterol in your blood, important for assessing heart health.