Problem 1: Private College Transactions

Gettysburg College, a small private college, had the following transactions in FY 2020. Record the following transactions:

1. Gross tuition and fees revenue totaled $11,200,000. Tuition waivers and scholarships of $692,000 were granted.

2. Students received tuition refunds of $203,340.

3. During the year, the college received $3,782,000 cash in unrestricted private gifts,

4. The College received $2,000,000 in securities restricted for an endowment.

5. A pledge campaign generated $1,746,000 in pledges. Of the amount pledged, $1,146,400 was for the capital construction campaign, $600,000 was for endowments,

6. Collections of tuition receivable totaled $10,160,000.

7. During the year, the following expenses were paid in cash:

Instruction	$7,132,080
Academic support	3,974,000
Student services	175,960
Institutional support	1,002,260
Auxiliary enterprises	184,820