Wilhelman University,a Not-For-Profit,nongovernmental University,had the Following Transactions in 2011

question 25

Essay

Wilhelman University,a not-for-profit,nongovernmental university,had the following transactions in 2011.
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 2011 for Wilhelman University.

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Definitions:

Character Ethics

A branch of ethics focused on virtues and moral character as the foundation of ethical behavior, rather than rules or consequences.

Happiness Concern

The issue or focus on understanding what factors contribute to human happiness and well-being.

Human Flourishing

A concept in moral philosophy that relates to living well and realizing one's full potential through ethical and virtuous actions.

Golden Mean

Aristotle's concept of finding the desirable middle between two extremes, one of excess and the other of deficiency.