State University main

tains accounts for each of its student groups. The

monies collected by the Accounting Fraternity are deposited with the

university. As the fraternity authorizes disbursements of its funds, the

university disburses the monies. During the year, the frater

nity engaged

in the following transactions. Prepare the appropriate entries

on the

books of the university

. Be sure to indicate in which fund the entries

should be recorded.

a)

The fraternity deposited $400 in student dues.

b)

The fraternity authorized

payments of $350 to Delta Airlines for an

airline ticket for a member to fly to the national meeting, and of $100

to the National Accounting Fraternity for registration.

c)

The fraternity received a contribution of $500 from a major

accounting firm to be

used by the fraternity to offset the cost of

attending the national meeting.

d)

The fraternity operated a book exchange on a consignment basis and

collected revenues of $10,000. It authorized the university to write

$9,000 of checks to the students whos

e books the fraternity had

sold. The fraternity was pleased with the $1,000 profit.

e)

The fraternity received a reimbursement of $150 from the National

office to offset the costs of attending the National meeting.