The following information pertains to the year ended June 30, 2020 1. South billed tuition and fees totaling $1,602,000 and provided $266,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $54,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,240,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $572,000. 6. During the year, $874,000 in cash contributions was received from alumni. Of the amount contributed, $160,000 is to be used for construction of a new library 7 Interest expense on the bonds payable in the amount of $54,000 was paid. 8. Student tui tion refunds of $127,000 were made. Cash collections of tuition and fees totaled $1,640,000, $149,000 of which applied to the semester beginning in August 2020. Investment income of $11,000 was earned and collected during the year 9. General expenses of $3,962,000 related to the administration and operation of academic programs, and research expenses of $33,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $68,000 10. Accrued liabilities at June 30, 2019, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $81,000 The Allowance for Doubtful Accounts was adjusted to $20,000. Accrued interest on investments was $1,100. The fair value of investments at year-end was $291,000. Of the income earned on investments, $5,300 was restricted 12. Nominal accounts were closed and net position amounts were reclassified as necessary. Required a-1 Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a-2. Prepare closing entries for the year ended June 30, 2020 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1,506,000 A 12(a) Revenues-Tuition and Fees Revenues-State Appropriations 3,240,000 874,000 Revenues-Gifts and Grants Revenues-Changes in Fair Value of Investments 8,000 Revenues-Investment Income 11,000 Tuition and Fees Discount and Allowances 266,000 Expenses-Depreciation 81,000 Provision for Bad Debts 3,000 Expenses-Interest 54,000 Expenses-General 3,962,000 Expenses-Research 33,000 Net Position-Unrestricted 12(b) Net Position-Unrestricted Net Position-Net Investment in Capital Assets Net Position-Unrestricted C 12(c) Net Position-Restricted minus sign.) SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2020 Assets Cash 1,258,000 Accounts Receivable Interest Receivable Grant Receivable Investments Capital Assets Less: Accumulated Depreciation 0 1,258,000 Total Assets Liabilities Accounts Payable Unearned Revenue Bonds Payable Total Liabilities $ 0 Net Position Net Investment in Capital Assets Unrestricted Restricted Total Net Position $ 0 FA The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019 follows. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2019 Assets $ 344,000 419,000 283,000 Cash Accounts receivable (net of doubtful accounts of $17,000) Investments $1,981,000 311,000 Capital assets Accumulated depreciation Total assets 1,670,000 2,716,000 Liabilities Accounts payable 116,000 46,000 31,000 744,000 937,000 Accrued liabilities Unearned revenue Bonds payable Total liabilities Net Position 926,000 228,000 625,000 Net investment in capital assets Restricted Unrestricted Total net position $1,779,000 The following information pertains to the year ended June 30, 2020 1. South billed tuition and fees totaling $1,602,000 and provided $266,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $54,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,240,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $572,000 The following information pertains to the year ended June 30, 2020 1. South billed tuition and fees totaling $1,602,000 and provided $266,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $54,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,240,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $572,000. 6. During the year, $874,000 in cash contributions was received from alumni. Of the amount contributed, $160,000 is to be used for construction of a new library 7 Interest expense on the bonds payable in the amount of $54,000 was paid. 8. Student tui tion refunds of $127,000 were made. Cash collections of tuition and fees totaled $1,640,000, $149,000 of which applied to the semester beginning in August 2020. Investment income of $11,000 was earned and collected during the year 9. General expenses of $3,962,000 related to the administration and operation of academic programs, and research expenses of $33,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $68,000 10. Accrued liabilities at June 30, 2019, were paid. 11. At year-end, adjusting entries were made. Depreciation on capital assets totaled $81,000 The Allowance for Doubtful Accounts was adjusted to $20,000. Accrued interest on investments was $1,100. The fair value of investments at year-end was $291,000. Of the income earned on investments, $5,300 was restricted 12. Nominal accounts were closed and net position amounts were reclassified as necessary. Required a-1 Prepare journal entries to record the foregoing transactions for the year ended June 30, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a-2. Prepare closing entries for the year ended June 30, 2020 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1,506,000 A 12(a) Revenues-Tuition and Fees Revenues-State Appropriations 3,240,000 874,000 Revenues-Gifts and Grants Revenues-Changes in Fair Value of Investments 8,000 Revenues-Investment Income 11,000 Tuition and Fees Discount and Allowances 266,000 Expenses-Depreciation 81,000 Provision for Bad Debts 3,000 Expenses-Interest 54,000 Expenses-General 3,962,000 Expenses-Research 33,000 Net Position-Unrestricted 12(b) Net Position-Unrestricted Net Position-Net Investment in Capital Assets Net Position-Unrestricted C 12(c) Net Position-Restricted minus sign.) SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2020 Assets Cash 1,258,000 Accounts Receivable Interest Receivable Grant Receivable Investments Capital Assets Less: Accumulated Depreciation 0 1,258,000 Total Assets Liabilities Accounts Payable Unearned Revenue Bonds Payable Total Liabilities $ 0 Net Position Net Investment in Capital Assets Unrestricted Restricted Total Net Position $ 0 FA The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2019 follows. SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2019 Assets $ 344,000 419,000 283,000 Cash Accounts receivable (net of doubtful accounts of $17,000) Investments $1,981,000 311,000 Capital assets Accumulated depreciation Total assets 1,670,000 2,716,000 Liabilities Accounts payable 116,000 46,000 31,000 744,000 937,000 Accrued liabilities Unearned revenue Bonds payable Total liabilities Net Position 926,000 228,000 625,000 Net investment in capital assets Restricted Unrestricted Total net position $1,779,000 The following information pertains to the year ended June 30, 2020 1. South billed tuition and fees totaling $1,602,000 and provided $266,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. 3. Notification was received from the federal government that up to $54,000 in funds could be received in the current year for costs incurred in developing student performance measures. 4. During the year, the University received an unrestricted appropriation of $3,240,000 from the state. 5. Equipment for the student computer labs was purchased for cash in the amount of $572,000