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This is the pre-closing trial balance for a private university. The requirements are to prepare the closing journal entries. I am needing a little help
This is the pre-closing trial balance for a private university. The requirements are to prepare the closing journal entries. I am needing a little help with them. Thank you.
Preclosing Trial Balance June 30, 2017 Debits credits 516,600 Cash and Cash Equivalents 3,200,000 372,400 Tuition and Fees Receivable Allowance for Doubtful Accounts 75,600 223,000 Pledges Receivable Allowance for Doubtful Pledges 79,000 Property, Plant, and Equipment 2,196 160 Accumulated Depreciation 658,720 Accounts Payable 103,000 Accrued Liabilities 37 500 Deposits Held in custody for others 17,570 Unearned Revenue 62,150 Bonds payable 792,000 3,353,110 Net Assets-Unrestricted 340,600 Net Assets-Temporarily Restricted 980,000 Net Assets-Permanently Restricted 426,850 Net Assets Released fromRestrictions-Temporarily Restricted 426,850 Net assets Released from Restrictions-Unrestricted 1.290,750 Tuition and Fees Tuition and Fees Discount and Allowances 327,000 177 000 Contributions-Temporarily Restricted 150,000 Contributions-Permanently Restricted 324,000 Grants and Contracts-Temporarily Restricted Investment Income-Unrestricted 50,500 29,500 Investment Income-Temporarily Restricted 13,250 Other Revenue Auxiliary Enterprise Sales andservices 153,560 Gain on Sale ofInvestments 70,000 Unrealized Gain on Investments 179,200 Instruction Expense 1044 630 571.800 Research Expense Academic support Expense 240,560 Student Services Expense 193,000 203,360 Institutional Support Expense Auxiliary Enterprise Expenses 158 3.6u4,060 36u4,060Step by Step Solution
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