Elizabeth College, a small private college, had the following transactions in fiscal year 2020.

a-2.Prepare closing entries for the fiscal year ended June 30, 2020

b. Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,798,000 without donor restrictions, and $5,900,000 with donor restrictions.

Elizabeth College, a small private college, had the following transactions in fiscal year 2020. 1. Gross tuition and fees revenue totaled $5,880,000. Tuition waivers and scholarships of $486,000 were granted. Of the tuition waivers granted, $304,400 was for teaching assistantships, which is an instruction expense. 2. Students received tuition refunds of $115,670. 3. During the year, the college received $1,919,000 cash in unrestricted private gifts, $582,200 cash restricted for grants, and $1,700,000 in securities for an endowment. 4. A pledge campaign generated $2,490,000 in pledges. Of the amount pledged, $643,200 was for the capital construction campaign, $720,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2021. 5. Auxiliary enterprises provided goods and services that generated $122,370 in cash. 6. Collections of tuition receivable totaled $5,220,000. 7. Unrestricted cash of $1,700,000 was invested. 8. The college purchased computer equipment at a cost of $24,580. 9. During the year, the following expenses were paid: Instruction Academic support Student services Institutional support Auxiliary enterprises $3,601, 040 2,057,000 101,980 515, 130 106,410 10. Instruction provided $590,000 in services related to the restricted grant recorded in transaction 3. 11. At year-end, the allowance for uncollectible tuition and fees was increased by $10,000. The fair value of investments had increased $14,340; of this amount, $7,240 was associated with endowment investments and allocated to net assets with donor restrictions, with the remainder allocated to net assets without donor restrictions. Depreciation on plant and equipment was allocated $41.750 to instruction, $48,000 to auxiliary enterprises, and $16,650 to academic support. 12. All nominal accounts were closed. Required a-1. Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. a-2. Prepare closing entries for the fiscal year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,798,000 without donor restrictions, and $5,900,000 with donor restrictions. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Transaction Credit No A General Journal Tuition and Fees Receivable Tuition and Fees Discount and Allowances Instruction Expense Tuition and FeesWithout Donor Restrictions Debit 5,394,000 181,600 304,400 5,880,000 | 115,670 Tuition and FeesWithout Donor Restrictions Tuition and Fees Receivable 115,670 7 2,501,200 1,700,000 03 Cash Investments ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsEndowment 1,919,000 1,700,000 ContributionsWith Donor RestrictionsGrants 582,200 2,490,000 Pledges Receivable ContributionsWith Donor RestrictionsCapital Campaign ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment 643,200 1,126,800 720,000 05 122,370 Cash Auxiliary EnterprisesWithout Donor Restrictions 122,370 06 5,220,000 Cash Tuition and Fees Receivable 5,220,000 G 07 1,700,000 Investments Cash 1,700,000 H 0 8 24,580 Equipment Cash 24,580 1 0 9 Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Cash 3,601,040 2,057,000 101,980 515,130 106,410 6,381,560 10(a) 590,000 Instruction Expense Cash 590,000 10(b) 590,000 Net Assets-Released from RestrictionsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions 590,000 11(a) 10,000 Tuition and FeesWithout Donor Restrictions Allowance for Doubtful Accounts 10,000 11(b) Investments 14,340 7,100 Unrealized Gain on InvestmentsWithout Donor Restrictions Unrealized Gain on InvestmentsWith Donor Restrictions- Endowment 7,240 N. 11(c) Instruction Expense Auxiliary Enterprises Expense Academic Support Expense Accumulated Depreciation 41,750 48,000 16,650 106,400 Debit Credit No A Transaction 12(a) General Journal Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Auxiliary EnterprisesWithout Donor Restrictions 1,919,000 122,370 Unrealized Gain on InvestmentsWithout Donor Restrictions 7,100 Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Net Assets-Without Donor Restrictions 181,600 4,537,190 2,073,650 101,980 515,130 154,410 L B L 12(b) ContributionsWith Donor RestrictionsGrants 582,200 643,200 ContributionsWith Donor RestrictionsCapital Campaign ContributionsWith Donor RestrictionsTime Net AssetsWith Donor Restrictions 1,126,800 2,352,200 12(c) ContributionsWith Donor RestrictionsEndowment 2,420,000 7,240 Unrealized Gain on InvestmentsWith Donor Restrictions- Endowment Net AssetsWith Donor Restrictions 2,427,240 12(d) 590,000 590.000 Net Assets-With Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions Net AssetsReleased from RestrictionsWith Donor Restrictions 590,000 590,000 Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,798,000 without donor restrictions, and $5,900,000 with donor restrictions. (Amounts to be deducted should be indicated with a minus sign.) ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and gains: 0 0 0 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Total Educational and General Expenses 0 0 0 O 0 0 0 0 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year $ 0 $ 0 $ Elizabeth College, a small private college, had the following transactions in fiscal year 2020. 1. Gross tuition and fees revenue totaled $5,880,000. Tuition waivers and scholarships of $486,000 were granted. Of the tuition waivers granted, $304,400 was for teaching assistantships, which is an instruction expense. 2. Students received tuition refunds of $115,670. 3. During the year, the college received $1,919,000 cash in unrestricted private gifts, $582,200 cash restricted for grants, and $1,700,000 in securities for an endowment. 4. A pledge campaign generated $2,490,000 in pledges. Of the amount pledged, $643,200 was for the capital construction campaign, $720,000 was for endowments, and the remainder of the pledges had no purpose restrictions. The pledges will all be collected in 2021. 5. Auxiliary enterprises provided goods and services that generated $122,370 in cash. 6. Collections of tuition receivable totaled $5,220,000. 7. Unrestricted cash of $1,700,000 was invested. 8. The college purchased computer equipment at a cost of $24,580. 9. During the year, the following expenses were paid: Instruction Academic support Student services Institutional support Auxiliary enterprises $3,601, 040 2,057,000 101,980 515, 130 106,410 10. Instruction provided $590,000 in services related to the restricted grant recorded in transaction 3. 11. At year-end, the allowance for uncollectible tuition and fees was increased by $10,000. The fair value of investments had increased $14,340; of this amount, $7,240 was associated with endowment investments and allocated to net assets with donor restrictions, with the remainder allocated to net assets without donor restrictions. Depreciation on plant and equipment was allocated $41.750 to instruction, $48,000 to auxiliary enterprises, and $16,650 to academic support. 12. All nominal accounts were closed. Required a-1. Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. a-2. Prepare closing entries for the fiscal year ended June 30, 2020. b. Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,798,000 without donor restrictions, and $5,900,000 with donor restrictions. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Prepare journal entries to record the foregoing transactions for the fiscal year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Transaction Credit No A General Journal Tuition and Fees Receivable Tuition and Fees Discount and Allowances Instruction Expense Tuition and FeesWithout Donor Restrictions Debit 5,394,000 181,600 304,400 5,880,000 | 115,670 Tuition and FeesWithout Donor Restrictions Tuition and Fees Receivable 115,670 7 2,501,200 1,700,000 03 Cash Investments ContributionsWithout Donor Restrictions ContributionsWith Donor RestrictionsEndowment 1,919,000 1,700,000 ContributionsWith Donor RestrictionsGrants 582,200 2,490,000 Pledges Receivable ContributionsWith Donor RestrictionsCapital Campaign ContributionsWith Donor RestrictionsTime ContributionsWith Donor RestrictionsEndowment 643,200 1,126,800 720,000 05 122,370 Cash Auxiliary EnterprisesWithout Donor Restrictions 122,370 06 5,220,000 Cash Tuition and Fees Receivable 5,220,000 G 07 1,700,000 Investments Cash 1,700,000 H 0 8 24,580 Equipment Cash 24,580 1 0 9 Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Cash 3,601,040 2,057,000 101,980 515,130 106,410 6,381,560 10(a) 590,000 Instruction Expense Cash 590,000 10(b) 590,000 Net Assets-Released from RestrictionsWith Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions 590,000 11(a) 10,000 Tuition and FeesWithout Donor Restrictions Allowance for Doubtful Accounts 10,000 11(b) Investments 14,340 7,100 Unrealized Gain on InvestmentsWithout Donor Restrictions Unrealized Gain on InvestmentsWith Donor Restrictions- Endowment 7,240 N. 11(c) Instruction Expense Auxiliary Enterprises Expense Academic Support Expense Accumulated Depreciation 41,750 48,000 16,650 106,400 Debit Credit No A Transaction 12(a) General Journal Tuition and FeesWithout Donor Restrictions ContributionsWithout Donor Restrictions Auxiliary EnterprisesWithout Donor Restrictions 1,919,000 122,370 Unrealized Gain on InvestmentsWithout Donor Restrictions 7,100 Tuition and Fees Discount and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Net Assets-Without Donor Restrictions 181,600 4,537,190 2,073,650 101,980 515,130 154,410 L B L 12(b) ContributionsWith Donor RestrictionsGrants 582,200 643,200 ContributionsWith Donor RestrictionsCapital Campaign ContributionsWith Donor RestrictionsTime Net AssetsWith Donor Restrictions 1,126,800 2,352,200 12(c) ContributionsWith Donor RestrictionsEndowment 2,420,000 7,240 Unrealized Gain on InvestmentsWith Donor Restrictions- Endowment Net AssetsWith Donor Restrictions 2,427,240 12(d) 590,000 590.000 Net Assets-With Donor Restrictions Net Assets-Released from RestrictionsWithout Donor Restrictions Net Assets-Without Donor Restrictions Net AssetsReleased from RestrictionsWith Donor Restrictions 590,000 590,000 Prepare a statement of activities for the year ended June 30, 2020. Assume beginning net asset amounts of $7,798,000 without donor restrictions, and $5,900,000 with donor restrictions. (Amounts to be deducted should be indicated with a minus sign.) ELIZABETH COLLEGE Statement of Activities Year Ended June 30, 2020 Without Donor Restrictions With Donor Restrictions Total Revenues and gains: 0 0 0 Total Revenues and Gains Expenses and Losses: Educational and General Expenses: Total Educational and General Expenses 0 0 0 O 0 0 0 0 0 0 Total Expenses and Losses Total Change in Net Assets Net Assets, Beginning of the Year Net Assets, End of the Year $ 0 $ 0 $