Problem 19-4 with calculations please

accountant, spent Sunday afternoon at Private University sending out fo riting lab. alumni a mailing seeking more contributions for the building fund. 7. A very famous artist notified the local private university that she has included in her will her plans to donate all of her paintings for exhibit at the university art gallery. A copy of her will is included with her letter. 8. A grant in the amount of $200,000 from the U.S. Department of Labor and Economics was received by Private University to fund research on the impact of accounting standards. A report of research findings is to be submitted to the grantor. 9. U.S. government funds amounting to $75,000 low dents qualifying for financial aid, Private University to be held for Stu Problem 19-4 (LO 1. 2. 3, 4, 5) Public university, various transactions, state- ment of current funds revenues, expenses, and other changes. A partial balance sheet of Tree State University, a public university, as of the end of iss fiscal year. July 31, 2018, is as follows: Tree State University Current Funds Balance Sheet July 31, 2018 Assets Liabilities and Fund Balances Unrestricted: Unrestricted: Cash Accounts receivable (net of $15,000 allowance). Prepaid expenses. $100,000 $200,000 Accounts payoble Due to other funds Deferred revenues-tuition and fees Fund bolonce. 40,000 25,000 360,000 435,000 40,000 Total unrestricted $600,000 $600,000 Total unrestricted Restricted: Restricted: $ 5,000 215,000 Accounts payable Fund bolance. $10,000 Cash 210,000 Investments $220,000 Totol restricted $220,000 Total restricted $820,000 $820,000 Total current funds Total current funds The following information pertains to the year ended July 31, 2019: a. Cash collected from students' tuition totaled $3,000,000. Of this amount, $362,000 repre- sented accounts receivable outstanding at July 31, 2018; $2,500,000 was for current-year tuition; and $138,000 was for tuition applicable to the semester beginning in August 2019. b. Prepaid tuition at July 31, 2018, were earned during the year ended July 31, 2019. c. Accounts receivable at July 31, 2018, that were not collected during the year ended July 31. 2019, were determined to be uncollectible and were written off against the allowance account. At July 31, 2019. the allowance account was estimated at $10.000. d. During the year, an unrestricted appropriation of $60,000 was made by the state, to be paid to Tree sometime in August 2019. e. During the year, unrestricted cash gifts of $80,000 were received from alumni. Tree's board of trustees allocated $30,000 of these gifts to the student loan fund E During the year. restricted fund investments costing $25,000 were sold for $31,000. Restricted fund investments were purchased at a cost of $40,000. Restricted fund investment income of $18,000 was earned and collected during the year. This income is restricted for an ongoing research project. &Unrestricted general expenses of $2,500,000 were recorded in the voucher system. At July 31, 2019, the unrestricted accounts payable balance was $75,000, Part 4 GOVERNMENTAL AND NOT-FOR-PROFT ACc 1018 h. The restricted accounts payable balance at July 31, 2018, was paid. The restricted funid i. The $40,000 due to other funds at July 31, 2018, was paid to the plant fund as required and $10,000 from its investment income for costs of an ongoing research project. j. One-quarter of the prepaid expenses at July 31, 2018, expired during the current year tained to general education expense. There was no addition to prepaid expenses during the year per- 1. Prepare journal entries in summary form to record the foregoing transactions for the year ended July 31, 2019. Letter each entry to correspond with the letter indicated in the descrip- tion of its respective transaction, and omit explanations. Use the following format: Required Current Funds Restricted Unrestricted Entry Accounts Credit Debit Credit Debt Letter 2. Prepare a statement of current funds revenues, expenditures, and other changes, including a total column, for the year ended July 31, 2019, and conclude with the fund balances at year-end. (AICPA adapted Problem 19-5 (LO 1, 2, 3, 4) Public university, various transactions. The following Y Cyents occurred accountant, spent Sunday afternoon at Private University sending out fo riting lab. alumni a mailing seeking more contributions for the building fund. 7. A very famous artist notified the local private university that she has included in her will her plans to donate all of her paintings for exhibit at the university art gallery. A copy of her will is included with her letter. 8. A grant in the amount of $200,000 from the U.S. Department of Labor and Economics was received by Private University to fund research on the impact of accounting standards. A report of research findings is to be submitted to the grantor. 9. U.S. government funds amounting to $75,000 low dents qualifying for financial aid, Private University to be held for Stu Problem 19-4 (LO 1. 2. 3, 4, 5) Public university, various transactions, state- ment of current funds revenues, expenses, and other changes. A partial balance sheet of Tree State University, a public university, as of the end of iss fiscal year. July 31, 2018, is as follows: Tree State University Current Funds Balance Sheet July 31, 2018 Assets Liabilities and Fund Balances Unrestricted: Unrestricted: Cash Accounts receivable (net of $15,000 allowance). Prepaid expenses. $100,000 $200,000 Accounts payoble Due to other funds Deferred revenues-tuition and fees Fund bolonce. 40,000 25,000 360,000 435,000 40,000 Total unrestricted $600,000 $600,000 Total unrestricted Restricted: Restricted: $ 5,000 215,000 Accounts payable Fund bolance. $10,000 Cash 210,000 Investments $220,000 Totol restricted $220,000 Total restricted $820,000 $820,000 Total current funds Total current funds The following information pertains to the year ended July 31, 2019: a. Cash collected from students' tuition totaled $3,000,000. Of this amount, $362,000 repre- sented accounts receivable outstanding at July 31, 2018; $2,500,000 was for current-year tuition; and $138,000 was for tuition applicable to the semester beginning in August 2019. b. Prepaid tuition at July 31, 2018, were earned during the year ended July 31, 2019. c. Accounts receivable at July 31, 2018, that were not collected during the year ended July 31. 2019, were determined to be uncollectible and were written off against the allowance account. At July 31, 2019. the allowance account was estimated at $10.000. d. During the year, an unrestricted appropriation of $60,000 was made by the state, to be paid to Tree sometime in August 2019. e. During the year, unrestricted cash gifts of $80,000 were received from alumni. Tree's board of trustees allocated $30,000 of these gifts to the student loan fund E During the year. restricted fund investments costing $25,000 were sold for $31,000. Restricted fund investments were purchased at a cost of $40,000. Restricted fund investment income of $18,000 was earned and collected during the year. This income is restricted for an ongoing research project. &Unrestricted general expenses of $2,500,000 were recorded in the voucher system. At July 31, 2019, the unrestricted accounts payable balance was $75,000, Part 4 GOVERNMENTAL AND NOT-FOR-PROFT ACc 1018 h. The restricted accounts payable balance at July 31, 2018, was paid. The restricted funid i. The $40,000 due to other funds at July 31, 2018, was paid to the plant fund as required and $10,000 from its investment income for costs of an ongoing research project. j. One-quarter of the prepaid expenses at July 31, 2018, expired during the current year tained to general education expense. There was no addition to prepaid expenses during the year per- 1. Prepare journal entries in summary form to record the foregoing transactions for the year ended July 31, 2019. Letter each entry to correspond with the letter indicated in the descrip- tion of its respective transaction, and omit explanations. Use the following format: Required Current Funds Restricted Unrestricted Entry Accounts Credit Debit Credit Debt Letter 2. Prepare a statement of current funds revenues, expenditures, and other changes, including a total column, for the year ended July 31, 2019, and conclude with the fund balances at year-end. (AICPA adapted Problem 19-5 (LO 1, 2, 3, 4) Public university, various transactions. The following Y Cyents occurred