Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college.

STEINER COLLEGE

Statement of Financial Position

June 30, 2016

(amounts in thousands)

Assets

Cash and cash equivalents $ 734

Short-term investments 7,666

Tuition and fees receivable (net of doubtful accounts of $12) 230

Pledges receivable (net of doubtful accounts of $280) 5,872

Prepaid assets 1,364

Property, plant and equipment (net of accumulated depreciation of $104,240) 281,404

Investments (at fair value, cost of $162,000) 158,400

Total assets $ 455,670

Liabilities and Net Assets Liabilities:

Accounts payable and accrued liabilities $ 21,130

Deposits held in custody for others 700

Unearned revenue 900

Bonds payable 99,000

Total liabilities 121,730

Net Assets:

Without Donor Restrictions $ 104,000

With Donor Restrictions 229,940

Total net assets 333,940

Total liabilities and net assets $ 455,670

The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.

1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; And tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waiver of $17,300 for students serving as teaching assistants for instruction were accrued.

2. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.

3. Collections on Tuition and Fees Receivable totaled $222,600.

4. Net deposits returned to students totaled $10.

5. Expenses were incurred for:

Instruction $ 86,100.

Academic support 23,300.

Student services 37,700.

Institutional support 28,500.

Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.

6. The ending balance in Accounts Payable and Accrued Liabilities was 1,935

7. Investment earnings received for the period were $3960, of which $2,070 was temporarily restricted.

8. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to investments restricted for scholarship, $1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions).

9. Nominal accounts were closed.

A-

Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020.