I am not sure what you are asking about more time taking. I can attach a copy of the excel spreadsheet with the T-accounts on them.

Will that help.

Show all steps 7 Bookmarks Chapter 11, Problem 9QE ON Problem The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields 1. The Institute began the year with the following account balances: Beginning Balances July 1, 2016 Debits Credits Cash $250,000 Student Accounts Receivable 15,000 500,000 250,000 Investments-Endowment Restricted Cash Capital Assets Accumulated Depreciation Accounts Payable and Accrued Liabilities Deferred Revenues 1,000,000 $350,000 5,000 6,000 650,000 750,000 254,000 Net Investment in Capital Assets Restricted Net Position Unrestricted Net Position 2. The Institute received a state appropriation of $75,000 and unrestricted gifts of $10,000. 3. The deferred revenue appearing on the beginning of the year trial balance represents the portion of summer school tuition received in the previous academic year that relates to classes held in the current year. 4. Students were billed for tuition and fees of $500,000 and room and board of $190,000. A total of $350,000 was received on student accounts throughout the year. 5. The Institute received $110,000 of Pell Grants during the academic year. These amounts were immediately applied to student accounts for amounts due for tuition and fees. 6. Students are awarded academic scholarships of $150,000, which are applied to their accounts. Additionally, several other students are hired by the Institute to work in the Institute's dining hall (auxiliary enterprise). As part of their compensation for working, tuition in the amount of $25,000 is waived. 7. The $250,000 restricted cash balance at the beginning of the year was donated for a new training ship. During the year an additional $250,000 donation was received 8. The Institute signed a long-term note payable for $200,000. These funds, together with the restricted cash, were used to buy the training ship. The training ship's expenses are classified as instruction 9. During the year, $100,000 of cash and pledges for an additional $200,000 were received as a result of fund-raising campaigns to enhance the Institute's endowment. By the terms of the agreement, such contributions are to remain permanently in the endowment. The $100,000 was mmediately used to purchase additional investments. 10. By terms of the endowment agreement, interest and dividends received on the investments are restricted for need-based scholarships. Gains or losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the year, $27,000 of interest and dividends were received on endowment investments. At year-end, the fair value of the investments had increased by $4,000 11. Expenses totaling $685,000 for salaries, supplies, utilities, and other items to be paid in cash are approved for payment through accounts payable. A total of $460,000 of outstanding accounts payable were paid by year-end. Although both GASB and FASB permit classification by natural category, the functional categories appearing below are recommended by NACUBO (amounts are assumed) Instruction Expense Research Expense Auxiliary Enterprise Expense Institutional Support Expense $300,000 100,000 160,000 125,000 12. Included in the expenses recorded in the previous transactions are $125,000 incurred under federal and state government reimbursement-type grants. Bills were sent to the granting agencies, and $106,500 was received by the end of the year. Adjusting entries: 13. The note payable was dated April 1,2017. Interest is paid annually on March 31. The Institute accrued 3 months of interest at 6 percent. 14. Each year, a portion of the amount received as summer school tuition is deferred to the next academic year. The amount to be deferred is determined to be $7,500. 15. Depreciation expense of $165,000 is recorded on buildings and equipment. The expense is allocated to functional areas on the basis of actual equipment in use and square footage for buildings (amounts assumed). Instruction Expense Research Expense Auxiliary Enterprise Expense Institutional Support Expense $75,000 30,000 35,000 25,000 Required: Post the journal entries to T-accounts