Question
Blue City College, a nonprofit organization, provides education services to adults who wish to complete their bachelor degrees. List the journal entry that should be
Blue City College, a nonprofit organization, provides education services to adults who wish to complete their bachelor degrees. List the journal entry that should be prepared by Blue City for each of the following transactions. If no journal entry is necessary, list No Entry Required as your answer. Alongside each journal entry, write either R if the revenue is restricted or an N if it is not restricted. a) Tuition revenue amounted to $4,000,000 for the year. b) A current student promised a donation of $10,000 upon the completion of her bachelors degree. c) Alumni made promises to donate $100,000 during Blue Citys annual fund drive. d) Cash receipts from the sale of tickets to athletic events totaled $15,000 for the month. All proceeds from athletic events are designated to support athletic programs. e) Several students volunteered to serve as receptionists during the athletic events. Had these students been paid, their salaries would have totaled $2,000. f) An Accounting alumnus pledged to donate $50,000. The funds must be used to support a scholarship for Accounting majors.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started