Elizabeth College, a small private college, had the following transactions in fiscal year 2017 1 Gross tuition and fees revenue totaled $5,980,000 Tuition waivers and scholarships of $536,000 were granted Of the tuition waivers granted $314,400 was for teaching assistantships, which is an instruction expense 2 Students received tuition refunds of $120,670 3 During the year the college received $1,929,000 cash in unrestricted private gifts, $584,700 cash in temporarily restricted grants, and $1,950,000 in securities for an endowment 4 A pledge campaign generated $2,990,000 in pledges Of the amount pledged, $668,200 was for the capital construction campaign, $870,000 was for endowments, and the remainder of the pledges had no purpose restrictions The pledges will all be collected in 2018 5 Auxiliary enterprises provided goods and services that generated $132,370 in cash 6 Collections of tuition receivable totaled $5,270,000 7 Unrestricted cash of $1,950,000 was invested 8 The college purchased computer equipment at a cost of $29,580 9 During the year the following expenses were paid Instruction $ 3,613,540 Academic support 2,082,000 Student services 106,980 Institutional support 520,130 Auxiliary enterprises 111,410 10 Instruction provided $640,000 in services related to the temporarily restricted grant recorded in transaction 3 11 At year end, the allowance for uncollectible tuition and fees was increased by $11,000 The fair value of investments had increased $15,340 of this amount, $8,740 was allocated to permanently restricted net assets, the remainder was allocated to unrestricted net assets Depreciation on plant and equipment was allocated $44,250 to instruction, $50,500 to auxiliary enterprises, and $18,150 to academic support 12 All nominal accounts were closed a 1 Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2017 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) 1 Record the tuition and fees receivable, the waivers and scholarships 2 Record the tuition and fees refunds 3 Record the receipt of cash and investment contributions 4 Record the pledges generated, classifying into restricted and unrestricted 5 Record the revenue generated by auxiliary enterprises 6 Record the collection of tuition and fees 7 Record the investment made from unrestricted cash 8 Record the purchase of equipment 9 Record the payment of expenses for the year 10 Record the payment made towards instruction expenses 11 Record the transfer of instruction expenses paid to the temporarily restricted net assets account 12 Record the increase in allowance for uncollectible tuition and fees 13 Record the increase in fair value of investments 14 Record the depreciation expenses for the year a 2 Prepare closing entries for the fiscal year ended June 30, 2017 (If no entry is required for a transaction event, select No Journal Entry Required in the first account field ) 1 Record the closure of all nominal accounts 2 Record the transfer of contributions to net assets temporarily restricted account 3 Record the transfer of contributions to net assets permanently restricted account 4 Record the entry to reclassify the net asset accounts b Prepare a statement of activities for the year ended June 30, 2017 Assume beginning net asset amounts of $7,898,000 unrestricted, $580,000 temporarily restricted, and $5,570,000 permanently restricted (Negative amounts should be indicated by a minus sign ) ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2017 Unrestricted Temporarily Restricted Permanently Restricted Total Revenues and gains Total Revenues and Gains Expenses and Losses Educational and General Expenses Total Educational and General Expenses 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year 0001 000 Net Assets, End of the Year 0S 0S 0S ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2017 Unrestricted Temporarily Restricted Permanently Restricted Total Revenues and gains Total Revenues and Gains Expenses and Losses Educational and General Expenses Total Educational and General Expenses 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year 0001 000 Net Assets, End of the Year 0S 0S 0S

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Elizabeth College, a small private college, had the following transactions in fiscal year 2017. 1. Gross tuition and fees revenue totaled $5,980,000. Tuition waivers and

Elizabeth College, a small private college, had the following transactions in fiscal year 2017.

1.	Gross tuition and fees revenue totaled $5,980,000. Tuition waivers and scholarships of $536,000 were granted. Of the tuition waivers granted $314,400 was for teaching assistantships, which is an instruction expense.
2.	Students received tuition refunds of $120,670.
3.	During the year the college received $1,929,000 cash in unrestricted private gifts, $584,700 cash in temporarily restricted grants, and $1,950,000 in securities for an endowment.
4.	A pledge campaign generated $2,990,000 in pledges. Of the amount pledged, $668,200 was for the capital construction campaign, $870,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2018.
5.	Auxiliary enterprises provided goods and services that generated $132,370 in cash.
6.	Collections of tuition receivable totaled $5,270,000.
7.	Unrestricted cash of $1,950,000 was invested.
8.	The college purchased computer equipment at a cost of $29,580.
9.	During the year the following expenses were paid:


Instruction	$	3,613,540
Academic support		2,082,000
Student services		106,980
Institutional support		520,130
Auxiliary enterprises		111,410

10.	Instruction provided $640,000 in services related to the temporarily restricted grant recorded in transaction 3.
11.	At year-end, the allowance for uncollectible tuition and fees was increased by $11,000. The fair value of investments had increased $15,340; of this amount, $8,740 was allocated to permanently restricted net assets, the remainder was allocated to unrestricted net assets. Depreciation on plant and equipment was allocated $44,250 to instruction, $50,500 to auxiliary enterprises, and $18,150 to academic support.
12.	All nominal accounts were closed.

a-1.

Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1 Record the tuition and fees receivable, the waivers and scholarships.
2 Record the tuition and fees refunds.
3 Record the receipt of cash and investment contributions.
4 Record the pledges generated, classifying into restricted and unrestricted.
5 Record the revenue generated by auxiliary enterprises.
6 Record the collection of tuition and fees.
7 Record the investment made from unrestricted cash.
8 Record the purchase of equipment.
9 Record the payment of expenses for the year.
10 Record the payment made towards instruction expenses.
11 Record the transfer of instruction expenses paid to the temporarily restricted net assets account.
12 Record the increase in allowance for uncollectible tuition and fees.
13 Record the increase in fair value of investments.
14 Record the depreciation expenses for the year.

a-2.

Prepare closing entries for the fiscal year ended June 30, 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1 Record the closure of all nominal accounts.
2 Record the transfer of contributions to net assets-temporarily restricted account.
3 Record the transfer of contributions to net assets-permanently restricted account.
4 Record the entry to reclassify the net asset accounts.

b.	Prepare a statement of activities for the year ended June 30, 2017. Assume beginning net asset amounts of $7,898,000 unrestricted, $580,000 temporarily restricted, and $5,570,000 permanently restricted. (Negative amounts should be indicated by a minus sign.)

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ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2017 Unrestricted Temporarily Restricted Permanently Restricted Total Revenues and gains: Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Total Educational and General Expenses 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year 0001 000 Net Assets, End of the Year 0S 0S 0S ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2017 Unrestricted Temporarily Restricted Permanently Restricted Total Revenues and gains: Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Total Educational and General Expenses 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year 0001 000 Net Assets, End of the Year 0S 0S 0S