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P 22-4 Journal entries and statement of activities-Nongovernmental not-for-profit college The following information relates to revenues and expenses for a private not-for-profit college: $2.000.000 120,000 800.000 300.000 500.000 480.000 Tinition and Fees Total assessed Tuition waivers Apywrations State Local Alaillary Enterprises Sales Expenses Endomer Income Temporanly restricted to research Unrestricted Prute Grund Grants Temporanly restricted to student scholarships Unrestricted Expenses Instruction Research Student services Operation of plant Scholarships (does not include tuition waivers 70.000 20,000 30.00 80.000 2.10.OOOO 100,000 120,000 180.00 200,000 REQUIRED: Prepare journal entries and a statement of uctivities for the college. Assume all scholarships and research expenses were obtained from temporanly restricted funds 1 Accounts Receivables Unrestricted revenues - tuition and fees To record tuition and fees 2 Tuition reduction - unrestricted - student aid Accounts Receivable To record tuition reductions 3 Cash Unrestricted revenues-state appropriation Unrestricted revenues : local appropriation To record government appropnations 4 Cash Revenue auxiliary operations To record auxiliary revenues 5 Expenses auxiliary operations Cash To record auxiliary expenses 6 Cash Unrestricted revenues endowment income Temporarily restricted revenues endowment income To record contributions received 7 Cash Unrestricted revenues - gifts and grants Temporarily restricted revenues-gifts and grants To record gifts and grants received 8 Expenses-educational and general instruction Expenses - educational and general research Expenses educational and general - students services Expenses - educational and general-operation of plant Expenses - educational and general - student aid Cash To record educational and general expenses 9 Temporarily restricted net assets - reclassifications out Nongovernmental NFP College Statement of Activities for the year XXX Fill in the missing information Revenues Tution and fees (het) State and local appropriations Private grants and gifts Endowment income Sales and services of auxiliary enterprises Total revenues Txaneyese's released in resince Total revenues and reclassifications 80.000 20,000 2 300.000 1 2 3 4 5 6 2.100.000 Expenses Educational and general Instruction Research Student services Operation and maintenance of plant Student aid Auxiliary operations Total operating expenses 180.000 480,000 3.190.000 Net increase in unrestricted net assets 700.000 7 58 59 30 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 Dharsintenavanamasameterest Private grants and gifts Endowment income Net assets released from restrictions Increase in temporarily restricted net assets 70.000 -300.000 70,000 Change in net assets Net assets, beginning Net assets, ending 770.000 0 $770.000 Fassumes all scholarships and research were frontemporanly restricted funds