Steiner College$$s statement of financial position for the year ended June $30,2022,$ is presented here. Steiner is a private college.

STEINER COLLEGE

Statement of Financial Position

June $30,2022$

$($amounts in thousands$)$

Assets

Cash and cash equivalents $ $720$

Short$-$term investments $7,655$

Tuition and fees receivable $($net of doubtful accounts of $$11)221$

Pledges receivable $($net of doubtful accounts of $$266)5,861$

Prepaid assets $1,351$

Property, plant, and equipment $($net of accumulated depreciation of $$104,070)281,393$

Investments $($at fair value, cost of $$161,500)157,100$

Total assets $ $454,301$

Liabilities and Net Assets

Liabilities:

Accounts payable and accrued liabilities $ $20,970$

Deposits held in custody for others $685$

Deferred revenue $886$

Bonds payable $98,000$

Total liabilities $120,541$

Net Assets:

Without donor restrictions $ $103,820$

With donor restrictions $229,940$

Total net assets $333,760$

Total liabilities and net assets $ $454,301$

The following transaction information $($amounts in thousands$)$ pertains to the year ended June $30,2023.$

During the year, charges for tuition and fees were $$244,290,$ scholarships were $$16,130,$ and tuition waivers for scholastic achievement were $$4,960.$ After payment was received, tuition refunds of $$11,020$ were given. Tuition waivers of $$17,110$ for students serving as teaching assistants for instruction were accrued.

The college received cash contributions without donor restrictions of $$1,940,$ pledges to be collected in $2024$ of $$554,$ and cash contributions to the endowments of $$318.$ It also collected $$806$ of Pledges Receivable that were unrestricted.

Collections on Tuition and Fees Receivable totaled $$222,400.$

Net deposits returned to students totaled $$14.$

Expenses were incurred for:

Instruction $ $85,940$

Academic support $23,070$

Student services $37,530$

Institutional support $29,310$

Related to the expenses incurred: prepaid assets of $$519$ were used, $$4,761$ of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $$7,200$ in net assets with donor restrictions.

The ending balance in Accounts Payable and Accrued Liabilities was $$1,705.$

Investment earnings received for the period were $$3,800,$ of which $$1,850$ was donor restricted for scholarships.

Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $$14,$ to record depreciation expense of $$26,210($charged $70$ percent to instruction and $30$ percent to academic support$),$ to adjust tuition revenue for an increase in deferred revenue of $$17,$ and to recognize an increase in fair value of investments of $$4,510($$$620$ was related to investments restricted for scholarships, $$1,420$ was related to the permanent endowment, and the remainder was related to net assets without donor restrictions$).$

Nominal accounts were closed.

Required

a$-1.$ Prepare journal entries to record the foregoing transactions for the year ended June $30,2023.$

a$-2.$ Prepare closing entry for the year ended June $30,2023.$

b$.$ Prepare a statement of activities for the year ended June $30,2023.$

c$.$ Prepare a statement of financial position for the year ended June $30,2023.$

Req A$1$

Req $A2$

Req B

Req C

Prepare journal entries to record the foregoing transactions for the year ended June $30,2023.($If no entry is require transaction$/$event$,$ select $"$No Journal Entry Required' in the first account field. Enter your answers in thousands.$)$

Vew tranasaction llat

Vlew Joumal entry workeheet

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[$A$,1($a$),$Tuition and Fees Receivable,$223,200,],[,$Tuition and Fees Discount and Allowances,$21,080,],[,$Tuition and Fees$-$Without Donor Restrictions,,$244,290],[$B$,1($b$),$Tuition and Fees$$Without Donor Restrictions,$11,020,],[,$Cash,,$11,020],[$C$,1($c$),$Instruction Expense,$17,110,],[,$Accounts Payable and Accrued Liabilities,,$17,110],[$D$,02,$Cash,$3,064,],[,$Pledges Receivable,$554,],[,$Contributions$-$Wthout Donor Restrictions,,$1,840],[,$Contributions$-$Wth Donor Restrictions$-$Time,,$554],[,$Contributions$-$Wth Donor Restrictions$-$Endowment,,$318],[,$Pledges Receivable,,$806],[$E$,03,$Cash,$222,400,],[,$Tuition and Fees Receivable,,$222,400],[$F$,04,$Deposits Held in Custody for Others,$14,],[,$Cash,,$14],[$G$,5($a$),$Instruction Expense,$85,840,],[,$Academic Support Expense,$23,070,],[,$Student Services Expense,$3\backslash$table$[[,,$Institutional Support Expense,$28,310,],[,,$Cash,,$170,570],[,,$Prepaid Assets,,$519],[,,$Accounts Payable and Accrued Liabilities,,$4,781],[$H$,5($b$),$Net Assets$-$Released from Restrictions$-$With Donor Restrictions,$7,200,],[,\backslash$table$[[$Net Assets$-$Released from Restrictions$-$Without Donor$],[$Restrictions$]],,7,200],[1,06,$Acoounts Payable and Acorued Liabilities,$41,136,],[,$Cash,,$41,138],[$J$,07,$Cash,$3,800,],[,$Investment Income$-$Without Donor Restrictions,,$17,530,]]$