These transactions need to be journalized. Thank you
Excel-Based Problems 11-9. The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navi gation, maritime law, and other fields. 1. The Institute began the year with the following account balances: Beginning Balances July 1, 2016 Debits Credits Cash Student Accounts Receivable Investments-Endowment Restricted Cash Capital Assets $250,000 15,000 500,000 250,000 1.000.000 $350,000 De Accounts Payable and Accrued Liabilities Deferred Revenues Net Investment in Capital Assets Restricted Net Position Unrestricted Net Position 5,000 6,000 650000 750,000 254.000 2. The Institute received a state appropriation of $75,000 and unrestricted gifts of $10,000 3. The deferred revenue appearing on the beginning of the year trial balance represents the portion of summer school tuition received in the previous academic year that relates to classes held in the current year. 4. Students were billed for tuition and fees of $500,000 and room and board of $190,000. A total of $350,000 was received on student accounts throughout the year 5. The Institute received $110,000 of Pell Grants during the academic year These amounts were immediately applied to student accounts for amounts due for tuition and fees. 6. Students are awarded academic scholarships of $150,000, which are applied to their accounts. Additionally, several other students are hired by the Institute to work in the Institute's dining hall (auxiliary enterprise). As part of their compensation for working, tuition in the amount of $25,000 is waived. 7. The $250,000 restricted cash balance at the beginning of the year was 8. The Institute signed a long-term note payable for $200,000. These funds, 9. During the year, $100,000 of cash and pledges for an additional $200,000 donated for a new training ship. During the year an additional $250,000 donation was received. together with the restricted cash, were used to buy the training ship. The training ship's expenses are classified as instruction. were received as a result of fund-raising campaigns to enhance the Excel-Based Problems 11-9. The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navi gation, maritime law, and other fields. 1. The Institute began the year with the following account balances: Beginning Balances July 1, 2016 Debits Credits Cash Student Accounts Receivable Investments-Endowment Restricted Cash Capital Assets $250,000 15,000 500,000 250,000 1.000.000 $350,000 De Accounts Payable and Accrued Liabilities Deferred Revenues Net Investment in Capital Assets Restricted Net Position Unrestricted Net Position 5,000 6,000 650000 750,000 254.000 2. The Institute received a state appropriation of $75,000 and unrestricted gifts of $10,000 3. The deferred revenue appearing on the beginning of the year trial balance represents the portion of summer school tuition received in the previous academic year that relates to classes held in the current year. 4. Students were billed for tuition and fees of $500,000 and room and board of $190,000. A total of $350,000 was received on student accounts throughout the year 5. The Institute received $110,000 of Pell Grants during the academic year These amounts were immediately applied to student accounts for amounts due for tuition and fees. 6. Students are awarded academic scholarships of $150,000, which are applied to their accounts. Additionally, several other students are hired by the Institute to work in the Institute's dining hall (auxiliary enterprise). As part of their compensation for working, tuition in the amount of $25,000 is waived. 7. The $250,000 restricted cash balance at the beginning of the year was 8. The Institute signed a long-term note payable for $200,000. These funds, 9. During the year, $100,000 of cash and pledges for an additional $200,000 donated for a new training ship. During the year an additional $250,000 donation was received. together with the restricted cash, were used to buy the training ship. The training ship's expenses are classified as instruction. were received as a result of fund-raising campaigns to enhance the
