Wilhelman University,a Not-For-Profit,nongovernmental University,had the Following Transactions in 2014

question 8

Essay

Wilhelman University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
1.Tuition bills were sent amounting to $4,000,000,with tuition waivers granted on that amount of $200,000.
2.State funding was received in the amount of $2,000,000.
3.The bookstore and cafeteria sales amounted to $1,600,000,and their cost of sales was $1,500,000.Assume cash sales and cash purchases for these auxiliary operations.
4.Endowment income amounted to $100,000 that was restricted to chair the accounting department,and $200,000 of unrestricted income.
5.Expenses were incurred and paid as follows: faculty,$3,800,000 (including faculty chair,paid in part by endowment income); Student services,$250,000; Facilities operations,$350,000; and scholarships (excluding tuition waived),$400,000.
Required:
Prepare the journal entries for 2014 for Wilhelman University.

---

Definitions:

Theory of Emotion

A framework that attempts to explain how emotions are experienced, how they are elicited, and how they influence behavior and thought.

Presentation

The act of showing or displaying information or data, often in a public or formal setting.

Amygdala

A part of the brain involved in emotion regulation, emotional memory, and responses to emotional stimuli, particularly fear.

Thalamus

A major part of the brain serving as a relay station for sensory information.