Prepare Journal Entries to Record the Following Transactions for a Private,not-For-Profit

question 35

Essay

Prepare journal entries to record the following transactions for a private,not-for-profit university.
1.Tuition and fees assessed total $10,000,000,80% of which was collected by year-end; tuition scholarships were granted for $1,300,000,and $650,000 was expected to be uncollectible.
2.Revenues collected from sales and services by the university bookstore were $1,450,000.
3.Salaries and wages paid were $5,600,000,$300,000 of which was for employees of the university bookstore.
4.Financial aid funds of $700,000 were received from the Pell Grant program; the funds were then disbursed to the appropriate students.
5.Contributions of $600,000 were received; $30,000 was restricted for the athletic department and the balance was unrestricted.An additional $70,000 was pledged to the athletic department by the alumni.
6.Athletic equipment was purchased with $42,000 previously set aside for that purpose.

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Definitions:

Social Withdrawal

The behavior of avoiding social interactions and activities, often resulting from anxiety, depression, or personal preference, leading to reduced social involvement.

Hostile Attribution

The tendency to interpret others' behaviors as having malicious intent, even in ambiguous situations.

Potency Bias

A cognitive bias that affects how people perceive the power or influence of others, often overstating the strength of those in leadership or authority positions.

Hostile Attribution Bias

The tendency to interpret others' behaviors as having hostile intent, even when the behavior is ambiguous or benign.