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White Rock Collegeris a not - for - profit school. Based on the events listed below that occurred during the year, you, as the Controller,
White Rock Collegeris a notforprofit school. Based on the events listed below
that occurred during the year, you, as the Controller, need to make the
appropriate accounting journal entries for the fiscal year ended June
a The College received tuition revenue for the fall semester of August
through December of totaling $ million; tuition for the Spring
semester of January through May of totaled $ million; and
tuition for the summer semester of June through August of
totals $ million. The college received all of its tuition in cash.
b Faculty salaries for the fall semester of totaled $ million; $ million
for the spring semester and will be $ million for the summer
semester using the same date ranges as in question a The district typically
pays all salaries at the end of the month earned, although it prepaid the
salaries for the summer semester on June st Salaries during the summer
semester of are as follows: June $ million, July $ million, and
August $ million.
c During June of the College recelved $ million in tuition applicable for
the fall semester.
d During the year, a wealthy benefactor pledged $ million to the College
during a fundraising campaign to renovate the oldest building on campus.
The benefactor will deliver the cash when the renovation is substantially
complete.
e The College's fixed assets have an historical cost of $ million, an
estimated salvage value of $ million, and an estimated useful life of
years. Record the applicable depreciation amount.
f During FY the College received notice of a $ grant from the
federal government. The purpose of the grant is to conduct research to
discover ways to measure the productivity of employees working remotely.
During FY the College spent $ on printing questionnaires and
$ on faculty salaries for activities directly related to the grant. As of
the college had not yet received any cash from the federal
government.
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