Acct420 Wk 6 Hw
15-1. 1. d. 6. a. 2. a. 7. b. 3. c. 8. d. 4. c. 9. a. 5. b. 10. d. 16-1. 1. a. 6. b. 2. b. 7. a. 3. c. 8. c. 4. c. 9. d. 5. a. 10. c.
15-2. a. ERIKSTEIN COLLEGE GENERAL JOURNAL Debits Credits 1. TUITION AND FEES RECEIVABLE 195,800 TUITION & FEES DISCOUNT AND ALLOWANCES 48,700 TUITION AND FEES—UNRESTRICTED 244,500 2. CASH 2,415 PLEDGES RECEIVABLE 550 CONTRIBUTIONS—UNRESTRICTED 2,080 CONTRIBUTIONS—TEMPORARILY RESTRICTED 550 CONTRIBUTIONS—PERMANENTLY RESTRICTED 335 3. CASH 168,600 TUITION AND FEES RECEIVABLE 168,600 4. DEPOSITS HELD IN CUSTODY FOR OTHERS 10 CASH 10 Ch. 15, Solutions, 15-2 (Cont’d) ERIKSTEIN COLLEGE GENERAL JOURNAL Debits Credits 5. INSTRUCTION EXPENSE 86,100 ACADEMIC SUPPORT EXPENSE 23,300 STUDENT SERVICES EXPENSE 37,700 INSTITUTIONAL SUPPORT EXPENSE 28,500 CASH 170,300 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 5,300 NET ASSETS RELEASED FROM RESTRICTIONS— TEMPORARILY RESTRICTED 7,320 NET ASSETS RELEASED FROM RESTRICTIONS— UNRESTRICTED 7,320 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 3,200 CASH 3,200 ($20,130 BB + $5,300 trans. 6 - $22,230 EB) 7. CASH 3,960 INVESTMENT INCOME—UNRESTRICTED 1,890 INVESTMENT INCOME—TEMPORARILY RESTRICTED 2,070 8. CONTRIBUTIONS—TEMPORARILY RESTRICTED 20 ALLOWANCE FOR DOUBTFUL PLEDGES 20 INSTRUCTION EXPENSE 18,480 ACADEMIC SUPPORT
15-2. a. ERIKSTEIN COLLEGE GENERAL JOURNAL Debits Credits 1. TUITION AND FEES RECEIVABLE 195,800 TUITION & FEES DISCOUNT AND ALLOWANCES 48,700 TUITION AND FEES—UNRESTRICTED 244,500 2. CASH 2,415 PLEDGES RECEIVABLE 550 CONTRIBUTIONS—UNRESTRICTED 2,080 CONTRIBUTIONS—TEMPORARILY RESTRICTED 550 CONTRIBUTIONS—PERMANENTLY RESTRICTED 335 3. CASH 168,600 TUITION AND FEES RECEIVABLE 168,600 4. DEPOSITS HELD IN CUSTODY FOR OTHERS 10 CASH 10 Ch. 15, Solutions, 15-2 (Cont’d) ERIKSTEIN COLLEGE GENERAL JOURNAL Debits Credits 5. INSTRUCTION EXPENSE 86,100 ACADEMIC SUPPORT EXPENSE 23,300 STUDENT SERVICES EXPENSE 37,700 INSTITUTIONAL SUPPORT EXPENSE 28,500 CASH 170,300 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 5,300 NET ASSETS RELEASED FROM RESTRICTIONS— TEMPORARILY RESTRICTED 7,320 NET ASSETS RELEASED FROM RESTRICTIONS— UNRESTRICTED 7,320 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 3,200 CASH 3,200 ($20,130 BB + $5,300 trans. 6 - $22,230 EB) 7. CASH 3,960 INVESTMENT INCOME—UNRESTRICTED 1,890 INVESTMENT INCOME—TEMPORARILY RESTRICTED 2,070 8. CONTRIBUTIONS—TEMPORARILY RESTRICTED 20 ALLOWANCE FOR DOUBTFUL PLEDGES 20 INSTRUCTION EXPENSE 18,480 ACADEMIC SUPPORT