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.

---

Definitions:

High Salary

Refers to a level of compensation that is significantly above the average or norm, often associated with specialized skills, high responsibility, or unique talents.

Bonus Structures

Compensation strategies designed to reward employees beyond their base salary, often based on performance, company profit, or achievement of specific targets.

Intrinsic Motivators

Internal factors, such as personal satisfaction or enjoyment of a task, that drive behavior.

Extrinsic Rewards

Are tangible rewards given to employees for performing certain tasks or achieving specific goals, such as bonuses, pay raises, and promotions, distinct from intrinsic rewards, which come from within the individual, such as satisfaction or enjoyment in the work itself.