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

question 19

Essay

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

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Definitions:

Gone Native

A term often used to describe an outsider, who has become deeply acculturated or assimilated into the culture they were observing or interacting with.

Researchers

Individuals engaged in systematic investigation to establish facts or principles or to collect information on a subject.

Research Subjects

Individuals or groups who participate in scientific or academic studies, contributing data through their actions, responses, or biological samples.

Objectivity

Refers to the practice of being unbiased and neutral, basing conclusions solely on facts and evidence without allowing personal feelings, opinions, or prejudices to influence them.