Solution-Prepare the private and non-profit college journal

Prepare the private and non-profit college journal entries

Assignment Help Accounting Basics

Reference no: EM132526890

Question - Prepare the private, non-profit college journal entries for the following transactions: (all amounts are in thousands)

(1) The college received $1,400 representing $228 tuitition for the next academic fiscal period with the remainder representing tuition for this period. Additionally, $51 recieved last period for this period is recognized. Make two entries, one for the cash receipt and one for the recognition of the $51.

(2) The previous allowance for doubtful accounts was $18. It is determined that $3 should be written off, and the allowance balance should then become $20. Make two entries; one for the write-off and one for the allowance adjustment.

(3) Investments on the books at $32 were sold for $30.

(4) Six months interest on 5% bond investments with a face value of $600 was received.

Reference no: EM132526890

Questions Cloud

Compute breakeven point in unit using mathematical equation : Lehi Company has a unit selling price of $400, Compute the breakeven point in unit using the mathematical equation and contribution margin per unit.

Which pipe size is more economical at an interest rate : Which pipe size is more economical at an interest rate of 2% per month on the basis of an annual worth analysis

What was amount of direct labor costs charged to production : What was the amount of direct labor costs charged to production during the year? determine the underapplied or overapplied overhead for the year?

Audit evidence process and strategic planning : In what possible ways can an IT auditor collect audit evidence in order to express opinions?

Prepare the private and non-profit college journal entries : Prepare the private, non-profit college journal entries for the following transactions: Investments on the books at $32 were sold for $30

Advanced encryption standard : Use the Internet and / or Strayer Library to research (within the past [1] year) the manner in which organizations regularly use Advanced Encryption Standard

Annealing is a process of glassware preparation : Annealing is a process of glassware preparation that involves slow heating the glassware to a temperature up to 500 °C

Define methods to evaluate effectiveness of implementation : Your paper for the course project should be a 2-3 page APA paper (not including title page and the reference page) that describes the clinical problem and the.

What would Delawares direct materials cost : What would Delaware's direct materials cost be if it used a flexible budget for the period based on actual sales? (Do not round your intermediate calculations.)

User Account

All Pages

Prepare the private and non-profit college journal entries

Reference no: EM132526890

Reference no: EM132526890

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT