Southeastern State University has chosen to report as a public university reporting as a special-purpose entity engaged only in business-type activities.Deferred Revenues were reported as of July 1,2013 in the amount of $4,800,000.Record the following transactions related to revenue recognition for the year ended June 30,2014.Include in the account titles the proper revenue classification (operating revenues,nonoperating revenues,etc.):
1.Deferred revenues related to unearned revenues for the summer session,which ended in August 2013.
2.During the fiscal year ended June 30,2014,student tuition and fees were assessed in the amount of $68,000,000.Of that amount,$61,000,000 was collected in cash.Also,of that amount,$4,200,000 pertained to that portion of the 2014 summer session that took place after June 30,2014.
3.Student scholarships,for which no services were required,amounted to $3,500,000.Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters.
4.Student scholarships and fellowships,for which services were required,such as graduate assistantships,amounted to $2,200,000.These students also applied their scholarship and fellowship awards to their tuition bills at the beginning of each semester.
5.Auxiliary enterprise revenues amounted to $8,300,000.
6.The state appropriation for operations amounted to $33,000,000.
7.The state appropriation for capital outlay amounted to $12,700,000.
8.Gifts for endowment purposes amounted to $4,000,000.Gifts for unrestricted purposes amounted to $6,000,000.Interest income,all unrestricted,amounted to $600,000.

Question

Quizplus · Accepted Answer

The Answer of Southeastern State University has chosen to report as a public university reporting as a special-purpose entity engaged only in business-type activities.Deferred Revenues were reported as of July 1,2013 in the amount of $4,800,000.Record the following transactions related to revenue recognition for the year ended June 30,2014.Include in the account titles the proper revenue classification (operating revenues,nonoperating revenues,etc.):
1.Deferred revenues related to unearned revenues for the summer session,which ended in August 2013.
2.During the fiscal year ended June 30,2014,student tuition and fees were assessed in the amount of $68,000,000.Of that amount,$61,000,000 was collected in cash.Also,of that amount,$4,200,000 pertained to that portion of the 2014 summer session that took place after June 30,2014.
3.Student scholarships,for which no services were required,amounted to $3,500,000.Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters.
4.Student scholarships and fellowships,for which services were required,such as graduate assistantships,amounted to $2,200,000.These students also applied their scholarship and fellowship awards to their tuition bills at the beginning of each semester.
5.Auxiliary enterprise revenues amounted to $8,300,000.
6.The state appropriation for operations amounted to $33,000,000.
7.The state appropriation for capital outlay amounted to $12,700,000.
8.Gifts for endowment purposes amounted to $4,000,000.Gifts for unrestricted purposes amounted to $6,000,000.Interest income,all unrestricted,amounted to $600,000.

Southeastern State University Has Chosen to Report as a Public