Acct420 Wk 6 Hw

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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
DebitsCredits
1.TUITION AND FEES RECEIVABLE195,800
TUITION & FEES DISCOUNT AND ALLOWANCES48,700
TUITION AND FEES—UNRESTRICTED 244,500

2.CASH2,415
PLEDGES RECEIVABLE550
CONTRIBUTIONS—UNRESTRICTED2,080
CONTRIBUTIONS—TEMPORARILY RESTRICTED550
CONTRIBUTIONS—PERMANENTLY RESTRICTED335

3.CASH168,600
TUITION AND FEES RECEIVABLE168,600

4.DEPOSITS HELD IN CUSTODY FOR OTHERS10
CASH10

Ch. 15, Solutions, 15-2 (Cont’d)
ERIKSTEIN COLLEGE
GENERAL JOURNAL
DebitsCredits
5.INSTRUCTION EXPENSE86,100
ACADEMIC SUPPORT EXPENSE23,300
STUDENT SERVICES EXPENSE37,700
INSTITUTIONAL SUPPORT EXPENSE28,500
CASH170,300
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES5,300

NET ASSETS RELEASED FROM RESTRICTIONS—
TEMPORARILY RESTRICTED7,320
NET ASSETS RELEASED FROM RESTRICTIONS—
UNRESTRICTED7,320

6.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES3,200
CASH3,200
($20,130 BB + $5,300 trans. 6 - $22,230 EB)

7.CASH3,960
INVESTMENT INCOME—UNRESTRICTED1,890
INVESTMENT INCOME—TEMPORARILY RESTRICTED2,070

8.CONTRIBUTIONS—TEMPORARILY RESTRICTED20
ALLOWANCE FOR DOUBTFUL PLEDGES20

INSTRUCTION EXPENSE18,480
ACADEMIC SUPPORT EXPENSE7,920
ACCUMULATED DEPRECIATION26,400

TUITION AND FEES—UNRESTRICTED10
DEFERRED REVENUE10
Ch. 15, Solutions, 15-2 (Cont’d)
ERIKSTEIN COLLEGE
GENERAL JOURNAL
DebitsCredits
INVESTMENTS4,700
UNREALIZED GAIN ON INVESTMENTS—
UNRESTRICTED2,300
UNREALIZED GAIN ON INVESTMENTS—
TEMPORARILY RESTRICTED790
UNREALIZED GAIN ON INVESTMENTS—
PERMANENTLY RESTRICTED1,610

9. To close nominal accounts
TUITION AND FEESUNRESTRICTED (trans. 1 & 8)244,490
CONTRIBUTIONSUNRESTRICTED2,080
INVESTMENT INCOME—UNRESTRICTED1,890
UNREALIZED GAIN ON INVESTMENTS
UNRESTRICTED2,300
TUITION & FEES DISCOUNT AND ALLOWANCES48,700
INSTRUCTION EXPENSE (trans. 5 & 8)104,580
ACADEMIC SUPPORT EXPENSE (trans. 5 & 8)31,220
STUDENT SERVICES EXPENSE37,700
INSTITUTIONAL SUPPORT EXPENSE28,500
NET ASSETS—UNRESTRICTED60

CONTRIBUTIONS—TEMPORARILY RESTRICTED 530
(trans 2 & 8)
INVESTMENT INCOME—TEMPORARILY RESTRICTED2,070
UNREALIZED GAIN ON INVESTMENTS—TEMPORARILY
RESTRICTED790
NET ASSETS—TEMPORARILY RESTRICTED3,390

Ch. 15, Solutions, 15-2 (Cont’d)
ERIKSTEIN COLLEGE
GENERAL JOURNAL
DebitsCredits
CONTRIBUTIONS—PERMANENTLY RESTRICTED335
UNREALIZED GAIN ON INVESTMENTS—PERMANENTLY
RESTRICTED1,610
NET ASSETS—PERMANENTLY RESTRICTED1,945

To reclassify Net Assets:
NET ASSETS—TEMPORARILY RESTRICTED7,320
NET ASSETS RELEASED FROM RESTRICTIONS—
UNRESTRICTED7,320
NET ASSETS—UNRESTRICTED7,320
NET ASSETS RELEASED FROM RESTRICTIONS—
TEMPORARILY RESTRICTED7,320

Ch. 15, Solutions, 15-2 (Cont’d)

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