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The Great Lakes Maritime Institute is a private not-for-profit 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 S250,000 15,000 500,000 250,000 1,000,000 Cash Student Accounts Receivable Restricted Cash Capital Assets Accumulated Depreciation Accounts Payable and Accrued Liabilities $350,000 5,000 6,000 500,000 250,000 904,000 Permanently Restricted Net Assets Temporarily Restricted Net Assets Unrestricted Net Assets 2. The Institute received an unrestricted operating grant of $75,000 from the Maritime Shipping Association, a trade association for commercial shipping firms. Additionally, the Institute received unrestricted gifts of $10,000 The Great Lakes Maritime Institute is a private not-for-profit 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 S250,000 15,000 500,000 250,000 1,000,000 Cash Student Accounts Receivable Restricted Cash Capital Assets Accumulated Depreciation Accounts Payable and Accrued Liabilities $350,000 5,000 6,000 500,000 250,000 904,000 Permanently Restricted Net Assets Temporarily Restricted Net Assets Unrestricted Net Assets 2. The Institute received an unrestricted operating grant of $75,000 from the Maritime Shipping Association, a trade association for commercial shipping firms. Additionally, the Institute received unrestricted gifts of $10,000