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

question 41

Essay

Albatross University,a not-for-profit,nongovernmental university,had the following transactions in 2014.
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 2014 for Albatross University.

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Definitions:

Instinctive Behavior

Actions that are performed without prior learning or thought, typically because they are genetically programmed.

Unlearned

Describes behaviors or responses that are innate and not acquired through learning or experience.

Complex Behavior

Actions or conduct that involve multiple steps, choices, or interactions, often requiring advanced cognitive processing or learning.

Instinct

An innate, typically fixed pattern of behavior in animals in response to certain stimuli.