The Following Selected Transactions Affected the Current Unrestricted Fund of Franklin

question 67

Essay

The following selected transactions affected the Current Unrestricted Fund of Franklin State (public) University during the current fiscal year:
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a. Student tuition and fees billed for the year for $\$ 8,000,000$ , which was used for educational and general purposes. Prior experience shows $\$ 100,000$ will be uncollectible.

b. $\$ 7,200,000$ of the billings in part (a) were collected.

c. Unrestricted income from endowment funds amounted to $\$ 185,000$ .

d. Auxiliary enterprise included $\$ 175,000$ from student residence hals; $\$ 200,000$ from cafeterias; and $\$ 750,000$ from the college store sales. All amounts have been collected.

e. $\$ 300,000$ of Term Endowments funds are now available for unrestricted use.

f. Operating Expenses are paid as follows: Instruction $\$ 300,000$ ; Research $\$ 150,000$ ; Academic Support $\$ 50,000$ ; Student Services $\$ 25,000$ ; Institutional Support $\$ 120,000$

g. University's student aid committee granted student tuition and fee reductions of $\$ 200,000$ .

h. Expenses from auxiliary enterprises amounted to $\$ 750,000$ Required:
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Make the journal entries necessary to record the selected transactions.

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