Steiner Colleges 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 $ 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 Deferred 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, 2023. 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 waivers of $17,300 for students serving as teaching assistants for instruction were accrued. The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2024 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted. Collections on Tuition and Fees Receivable totaled $222,600. Net deposits returned to students totaled $10. 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 net assets with donor restrictions. The ending balance in Accounts Payable and Accrued Liabilities was $1,935. Investment earnings received for the period were $3,960, of which $2,070 was donor restricted for scholarships. 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 deferred revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to investments restricted for scholarships, $1,610 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.

Prepare closing entry for the year ended June 30, 2023. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands.)

No	Transaction	General Journal	Debit	Credit
A