The Statement of Net Position of South State University, a government owned university, as of the end of its fiscal year June 30, 2022, follows SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2022 Assets Cash $ 227,000 Accounts receivable (net of doubtful accounts of $13,000) 319,000 Investments 215,000 Capital assets $ 1,505,000 Accumulated depreciation 235,000 1,270,000 Total assets 2,031,000 Liabilities Accounts payable 89,000 Accrued liabilities 36,000 Unearned revenue 26,000 Bonds payable 624,000 Total liabilities 775,000 Net Position Net investment in capital assets 646,000 Restricted 159,000 Unrestricted 451,000 Total net position $ 1,256,000 The following information pertains to the year ended June 30, 2023 South billed tuition and fees totaling $1,132,000 and provided $189,000 in scholarship waivers Unearned revenue at June 30, 2022, was earned during the year ended June 30, 2023 Notification was received from the federal government that up to $38,000 in funds could be received in the current year for costs incurred in developing student performance measures During the year, the University received an unrestricted appropriation of $2,280,000 from the state Equipment for the student computer labs was purchased for cash in the amount of $400,000 During the year, $610,000 in cash contributions was received from alumni Of the amount contributed, $220,000 is to be used for construction of a new library Interest expense on the bonds payable in the amount of $38,000 was paid Student tuition refunds of $89,000 were made Cash collections of tuition and fees totaled $1,149,000, $107,000 of which applied to the semester beginning in August 2023 Investment income of $8,000 was earned and collected during the year General expenses of $2,883,000 related to the administration and operation of academic programs, and research expenses of $24,000 related to the development of student performance measures, were recorded in the voucher system At June 30, 2023, the accounts payable balance was $51,000 Accrued liabilities at June 30, 2022, were paid At year end, adjusting entries were made Depreciation on capital assets totaled $62,000 The Allowance for Doubtful Accounts was adjusted to $17,000 Accrued interest on investments was $800 The fair value of investments at year end was $233,000 Of the income earned on investments, $4,300 was restricted 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, 2023 a 2 Prepare closing entries for the year ended June 30, 2023 b Prepare a statement of net position for the year ended June 30, 2023

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The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2022, follows. SOUTH

The Statement of Net Position of South State University, a government-owned university, as of the end of its fiscal year June 30, 2022, follows.

SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2022
Assets
Cash			$	227,000
Accounts receivable (net of doubtful accounts of $13,000)				319,000
Investments				215,000
Capital assets	$	1,505,000
Accumulated depreciation		235,000		1,270,000
Total assets				2,031,000
Liabilities
Accounts payable				89,000
Accrued liabilities				36,000
Unearned revenue				26,000
Bonds payable				624,000
Total liabilities				775,000
Net Position
Net investment in capital assets				646,000
Restricted				159,000
Unrestricted				451,000
Total net position			$	1,256,000

The following information pertains to the year ended June 30, 2023:

South billed tuition and fees totaling $1,132,000 and provided $189,000 in scholarship waivers.
Unearned revenue at June 30, 2022, was earned during the year ended June 30, 2023.
Notification was received from the federal government that up to $38,000 in funds could be received in the current year for costs incurred in developing student performance measures.
During the year, the University received an unrestricted appropriation of $2,280,000 from the state.
Equipment for the student computer labs was purchased for cash in the amount of $400,000.
During the year, $610,000 in cash contributions was received from alumni. Of the amount contributed, $220,000 is to be used for construction of a new library.
Interest expense on the bonds payable in the amount of $38,000 was paid.
Student tuition refunds of $89,000 were made. Cash collections of tuition and fees totaled $1,149,000, $107,000 of which applied to the semester beginning in August 2023. Investment income of $8,000 was earned and collected during the year.
General expenses of $2,883,000 related to the administration and operation of academic programs, and research expenses of $24,000 related to the development of student performance measures, were recorded in the voucher system. At June 30, 2023, the accounts payable balance was $51,000.
Accrued liabilities at June 30, 2022, were paid.
At year-end, adjusting entries were made. Depreciation on capital assets totaled $62,000. The Allowance for Doubtful Accounts was adjusted to $17,000. Accrued interest on investments was $800. The fair value of investments at year-end was $233,000. Of the income earned on investments, $4,300 was restricted.
Nominal accounts were closed and net position amounts were reclassified as necessary.