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. June 30, 2019 Assets $ 356,000 Accounts receivable (net of doubtful accounts of $13,000) 321 000 Investments Capital assets $1,519,000 217,000 ccumulated depreciation 239,000 1,280,000 Total assets Liabilities Accounts payable Accrued liabilities Unearned revenue 37,000 Bonds payable 624,000 Total liabilities 780,000 Net Position Net investment in capital assets Restricted 162,000 Unrestricted 576,000 Total net position $1,394,000 The following information pertains to the year ended June 30, 2020: 1. South billed tuition and fees totaling $1,255,000 and provided $209,000 in scholarship waivers. 2. Unearned revenue at June 30, 2019, was earned during the year ended June 30, 2020. tification was received from the federal government that up to $43,000 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 $2,580,000 from the state 5. Equipment for the student c ent computer labs was purchased for cash in the amount of $456,000. 6. During the year, $697,000 in cash contributions was received from alumni. Of the amount contributed, $130,000 is to be used for construction of a new library. 7. Interest expense on the bonds payable in the amount of $43 amount of $43,000 was paid 8. Student tuition refunds of $102,000 were mad ade. Cash collections of tuition and fees totaled $1,317,000, $119,000 of which applied to the sem Investment income of $9,000 was earned and coll as earned and collected during the year. beginning in August 2020. 9. General expenses of $3,242,000 related to the administration and operation of academic programs, and research expenses of $27,000 related to the de elopment of student performance measures, were recorded in the voucher system. At June 30, 2020, the accounts payable balance was $56,000. 10. Accrued liabilities at June 30, 2019, were paid. 1. At year-end, adjusting entries were made. Depreciation on capital assets totaled $67,000. The Allowance for Doubtful Accounts was adjusted to $16,000. Accrued interest on investments was $900. The fair value of investments at year-end was $233,000. Of the income earned on investments, $4,300 was restricted. 2. Nominal accounts were closed and net position amounts were reclassified as necessary. Required 1-1. 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.) No Transaction General Journal Debit Credit A 01 Accounts Receivable-Tuition and Fees Tuition and Fees Discount and Allowances 209,00 Revenues-Tuition and Fees 1,255,000 02 Unearned Revenue 26,000 Revenues-Tuition and Fees 26,000 03 No Journal Entry Required 04 cash 2,580,000 Revenues-State Appropriations 2,580,00 05 Capital Assets 456,000 Cash 456,000 06 Cash 697,000 Revenues-Gifts and Grants 697,00 G Expenses-Interes 43,000 Cash 43,000 H 8(a) Revenues-Tuition and Fees 102,000 Cash 102,000 8(b) Cash 1,326,000 Accounts Receivable-Tuition and Fees Unearned Revenue 119,000 Revenues-Investment Income 9,000 9(a) Expenses-General 3,242,000 1-2 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 x No Transaction General Journal Debit Credit 12 (a) Revenues-Tuition and Fees Revenues-State Appropriations 2,580,000 Revenues-Gifts and Grants Revenues-Changes in Fair Value of Investments Revenues-Investment Income Tuition and Fees Discount and Allowances 209,000 Expenses-Depreciation 67,000 Provision for Bad Debts Expenses-Interest 43,000 Expenses-Research 27,000 Net Position-Unrestricted 12 (b ) Net Position-Unrestricted Net Position-Net Investment in Capital Assets C 12 (C) Net Position-Unrestricted Net Position-Restricted a statement of net position for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) SOUTH STATE UNIVERSITY Statement of Net Position June 30, 2020 Assets Cash Accounts Receivable Interest Receivable Grant Receivable 27.000 Investments 233,000 Capital Assets Less: Accumulated Depreciation Total Assets 260.90 Liabilities Accounts Payable 56,000 Unearned Revenue 119,000 Bonds Payable 624.000 Total Liabilities 799,000 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position