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.

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Definitions:

Simulation Heuristic

A cognitive heuristic where people determine the likelihood of an event based on how easily they can imagine it happening, influencing their perception of risks and outcomes.

Conformity

Going along with the crowd, that is, saying or doing whatever other people are doing.

Intentional Behavior

Actions that are performed with awareness and purpose towards achieving a specific goal.

Illusory Correlation

The tendency to overestimate the link between variables that are related only slightly or not at all.