Sagan University, a government university, had no endowments prior to September 1, 2011. The following transactions took place during the fiscal year ended August 31, 2012:

At the beginning of the year, a cash donation of $900,000 was received to establish Endowment X, and another donation of $600,000, also in cash, was received for the purpose of establishing Endowment Y. The income from these endowments is restricted for specific purposes. It was decided to invest this money immediately; to pool the investments of both endowments; and to share earnings, including any gains or losses on sales of investments, at the end of the year based on the ratio of the original contributions of each endowment.

Securities with a par value of $1,000,000 were purchased at a premium of $10,000.

Securities with a par value of $191,500 were acquired at a discount of $2,000; accrued interest at date of purchase amounted to $500.

The university trustees voted to pool the investments of a new endowment, Endowment Z, with the investments of Endowments X and Y under the same conditions as applied to the latter two endowments. The investments of Endowment Z at the date it joined the pool at midyear amounted to $290,000 at book value and $300,000 at market value. (Hereafter, the investment pool earnings are to be shared 9:6:3.)

Cash dividends received from the pooled investments during the year amounted to $70,000, and interest receipts were $5,500.

Premiums of $500 and discounts of $100 were amortized.

Securities carried at $30,000 were sold at a gain of $2,400.

Each endowment was credited with its share of the investment earnings for the year (see transactions 1 and 4).

A provision of Endowment Y is that a minimum of $75,000 each year, whether from earnings or principal or both, is to be made available for unrestricted uses.

An apartment complex comprising land, buildings, and equipment valued at $800,000 was donated to the university, distributed as follows: land, $80,000; buildings, $500,000; equipment, $220,000. The donor stipulated that an endowment (designated as Endowment N) should be established and that the income there from should be used for a restricted operating purpose.

Unrestricted resources of $150,000 were set aside by the board as a quasi-endowment (or fund functioning as an endowment) and was designated Endowment O.

A trust fund in the amount of $350,000 (cash) was set up by a donor with the stipulation that the income was to go to the university to be used for general purposes. This fund was designated Endowment P.

Prepare the necessary journal entries for Sagan University for the 2011

10 Process customer orders Desired Shipping information Order request data Customers 2.0 Dealred Decision Bill Process information makers customer deliveries Accounts Payment receivable Desired data Information 3.0 Process customer paymentsestion 20 Arrange the following accounting cycle steps in the correct order. yet swered 1. Posting to Ledger irked out of I1. Recording in Journal Ill. Preparing Trial Balance Flag IV. Identifying and analyzing business transactions gation V. Preparation of Financial Statements, O c. IV, LI, IIIVQuestion 15 1.2 pts How can conflict be a positive experience for group members? Conflict can isolate and eliminate team members who do not follow acceptable group norms. Conflict can eliminate the opportunity for groupthink to take hold. Conflict can set precedents for future actions. O Conflict can increase the involvement of team members and generate creative ideas for problem solving. O Conflict resolution will result in increased team happiness and harmony. D Question 16 1.2 pts Which of the following is a key difference between financial accounting and management accounting? Financial accounting creates information for outsiders, whereas management accounting is for insiders. O Financial accounting is concerned with preparing cost analyses, whereas management accounting is concerned with creating reports. O Accounting knowledge creates information for all stakeholders, whereas accounting knowledge is used for internal purposes only. O. Financial accounting considers such aspects as profitability, whereas management accounting does not consider profitability. )Management accounting is based on historical data, whereas financial accounting is based on real time data.Recording transactions in T accounts; trial balance On May 15, George Manny began a new business, called Sounds, Inc., a recording studio to be rented out to artists on an hourly or daily basis. The following six transactions were completed by the business during May: (A.) Issued to Manny 5,000 shares of capital stock in exchange for his investment of $200,000 cash. (B.) Purchased land and a building for $410,000, paying $100,000 cash and signing a note payable for the balance. The land was considered to be worth $310,000 and the building $100,000. (C.) Installed special insulation and soundproofing throughout most of the building at a cost of $120,000. Paid $32,000 cash and agreed to pay the balance in 60 days. Manny considers these items to be additional costs of the building. (D.) Purchased office furnishings costing $18,000 and recording equipment costing $88,400 from Music Supplies. Sounds paid $28,000 cash with the balance due in 30 days. (E.) Borrowed $180,000 from a bank by signing a note payable. (F.) Paid the full amount of the liability to Music Supplies arising from the purchases in D above. Instructions (A.) Record the above transactions directly in the T accounts below. Identify each entry in a T account with the letter shown for the transaction. This exercise does not call for the use of a journal. Cash Office Furnishings Notes PayableQuestion 6 (of 6) CO Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions. Indicate the effects of the errors described below on each of the financial statement elements shown in the column headings. Use the following symbols: O for overstated; U for understated, and NE for no effect. Error Net Income Total Ass Recorded the issuance of capital stock by dobiting Capital Stock and crediting Cash Recorded the declaration and payment of a dividend by debiting Interest Expense and crediting Cash. Recorded the payment of an account payable by debiting Cash and crediting Service Revenue. Recorded the collection of an outstanding account receivable by debiting Cash and crediting Accounts Payable. Recorded client billings on account by debiting Service Revenue and crediting Cash. Recorded the cash purchase of land by debiting Cash and crediting Land Recorded the purchase of a building on account by debiting Rent Expense and crediting Capital Stock