UOP ACC 460 Week 5 Team Problem 15 .pdf
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UOP ACC 460 Week 5 Team Problem 15-17 Private College
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ACC 460 Week 5 Team Problem 15-17 Private College Transactions NEW
Complete questions 15-17, a and b.
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Private College Transactions. Steiner College's statement of financial position for the
year ended June 30, 2016, is presented here. Steiner is a private college.
The following transaction information (amounts in thousands) pertains to the year
ended June 30, 2017.
1. During the year charges for tuition and fees were $244,500; scholarships were
$16,300; and tuition waivers for scholastic achievement were $5,100. After payment
was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for
students serving as teaching assistants for instruction were accrued.
2. The college received unrestricted cash contributions of $2,080, pledges to be
collected in 2018 of $550, and cash contributions to the endowments of $335. It also
collected $820 of Pledges Receivable that were unrestricted.
3. Collections on Tuition and Fees Receivable totaled $222,600
4. Net deposits returned to students totaled $10.
5. Expenses were incurred for:
Academic support 23,300
Student services 37,700
Institutional support 28,500
6. Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the
expenses were accrued, and the remaining expenses were paid. Expenses incurred
resulted in the release of $7,320 in temporarily restricted net assets.
7. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
8. Investment earnings received for the period were $3,960, of which $2,070 was
9. Adjusting entries for the period were made to increase Allowance for Doubtful
Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to
instruction and 30 percent to academic support), to adjust tuition revenue for an
increase in unearned revenue of $10, and to recognize an increase in fair value of
investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610
was related to permanently restricted net assets, the remainder was related to
unrestricted net assets).
10. Nominal accounts were closed.
a. Prepare journal entries in good form to record the foregoing transactions for the
year ended June 30, 2017.
b. Prepare a statement of activities for the year ended June 30, 2017.