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    "question_id": "4277436",
    "url": "\/study-help\/questions\/p172-transactions-and-entries-the-trial-balance-of-boegner-university-4277436",
    "question_creation_date_js": "2024-06-28T08:48:31-04:00",
    "question_creation_date": "Jun 28, 2024 08:48 AM",
    "meta_title": "[Solved] P17-2 (Transactions and Entries) The tria | SolutionInn",
    "meta_description": "Answer of - P17-2 (Transactions and Entries) The trial balance of Boegner University, a governmental university, on September 1, 2 | SolutionInn",
    "meta_keywords": "p17-2,transactions,entries,trial,balance,boegner,university,governmental,september,1,20x7,debit",
    "question_title_h1": "P17-2 (Transactions and Entries) The trial balance of Boegner University, a governmental university, on September 1, 20X7, was as follows: Debit Credit Cash $155,000 Accounts",
    "question_title": "P17-2 (Transactions and Entries) The trial balance of Boegner University, a governmental",
    "question_title_for_js_snippet": "P17 2 (Transactions and Entries) The trial balance of Boegner University, a governmental university, on September 1, 20X7, was as follows  Debit Credit Cash $155,000 Accounts Receivable 30,000 Allowance for Uncollectible Accounts $2,000 Inventory of Materials and Supplies 25,000 Vouchers Payable 23,000 Capital Assets (net) 800,000 Net Position 985,000 $1,010,000 $1,010,000 Boegner University's dormitory and food service facilities are operated as auxiliary enterprises  The following transactions took place during the current fiscal year  1  Collections amounted to $2,270,000, distributed as follows  tuition and fees, $1,930,000  unrestricted gifts, $170,000  sales and services of educational activities, $115,000  other sources, $25,000  accounts receivable, $30,000  2  Receivables at year end were $29,000, consisting entirely of tuition and fees revenues  3  It is estimated that tuition receivable of $3,000 will never be collected  4  Revenues from auxiliary enterprises were $300,000, all collected  5  Materials purchased during the year for cash, $500,000  on account, $50,000  6  Materials used amounted to $510,000, distributed as follows  Education and general  Institutional support $30,000 Research 5,000 Instruction 305,000 Academic support 7,000 Other 53,000 $400,000 Auxiliary enterprises 110,000 $510,000 7  Salaries and wages paid  Table Insert was not working correctly so please see file attached containing original question and information  8  Other expenses paid  Table Insert was not working correctly so please see file attached containing original question and information  9  Interest expenses chargeable to Institutional Support, $3,000, were paid  10  Vouchers payable paid, $40,000  Prepare journal entries for Boegner University for the 20X7 20X8 fiscal year ",
    "question_description": "<p>P17-2 (Transactions and Entries) The trial balance of Boegner University, a governmental university, on September 1, 20X7, was as follows:<\/p><p> <\/p><table><tbody><tr><td> <\/td><td>Debit<\/td><td>Credit<\/td><\/tr><tr><td>Cash<\/td><td>$155,000<\/td><td><\/td><\/tr><tr><td>Accounts Receivable<\/td><td>30,000<\/td><td><\/td><\/tr><tr><td>Allowance for Uncollectible Accounts<\/td><td><\/td><td>$2,000<\/td><\/tr><tr><td>Inventory of Materials and Supplies<\/td><td>25,000<\/td><td><\/td><\/tr><tr><td>Vouchers Payable<\/td><td><\/td><td>23,000<\/td><\/tr><tr><td>Capital Assets (net)<\/td><td>800,000<\/td><td><\/td><\/tr><tr><td>Net Position<\/td><td><\/td><td>985,000<\/td><\/tr><tr><td><\/td><td>$1,010,000<\/td><td>$1,010,000<\/td><\/tr><\/tbody><\/table><p> <\/p><p>Boegner University's dormitory and food service facilities are operated as auxiliary enterprises. The following transactions took place during the current fiscal year:<\/p><p>1. Collections amounted to $2,270,000, distributed as follows: tuition and fees, $1,930,000; unrestricted gifts, $170,000; sales and services of educational activities, $115,000; other sources, $25,000; accounts receivable, $30,000.<\/p><p>2. Receivables at year end were $29,000, consisting entirely of tuition and fees revenues.<\/p><p>3. It is estimated that tuition receivable of $3,000 will never be collected.<\/p><p>4. Revenues from auxiliary enterprises were $300,000, all collected.<\/p><p>5. Materials purchased during the year for cash, $500,000; on account, $50,000.<\/p><p>6. Materials used amounted to $510,000, distributed as follows:<\/p><table><tbody><tr><td>Education and general:<\/td><td><\/td><td><\/td><\/tr><tr><td>Institutional support<\/td><td>$30,000<\/td><td><\/td><\/tr><tr><td>Research<\/td><td>5,000<\/td><td><\/td><\/tr><tr><td>Instruction<\/td><td>305,000<\/td><td><\/td><\/tr><tr><td>Academic support<\/td><td>7,000<\/td><td><\/td><\/tr><tr><td>Other<\/td><td>53,000<\/td><td>$400,000<\/td><\/tr><tr><td>Auxiliary enterprises<\/td><td><\/td><td>110,000<\/td><\/tr><tr><td><\/td><td><\/td><td><p>$510,000<\/p><\/td><\/tr><\/tbody><\/table> 7. Salaries and wages paid: Table Insert was not working correctly so please see file attached containing original question and information. 8. Other expenses paid: Table Insert was not working correctly so please see file attached containing original question and information. 9. Interest expenses chargeable to Institutional Support, $3,000, were paid. 10. Vouchers payable paid, $40,000. Prepare journal entries for Boegner University for the 20X7-20X8 fiscal year. <img src=\"https:\/\/s3.amazonaws.com\/si.experts.images\/answers\/2024\/06\/667eb11f9d526_911667eb11f8abe5.jpg\" alt=\"image text in transcribed\">",
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