Homework week 7 12 14 2012 Problem 16 3 a Debit Credit Elizabeth College General Journal For the Year 2011 Contributions Permanemtly Restricted Unrealized Gain on Investments Permanently Restricted Net Assets Permanently Restricted To Reclassify Net Assets Net Assets Temporarily Restricted Net Assets Released from Restrictions Unrestricted Net Assets Unrestricted Net Assets Released from Restrictions Temporarily Restricted Revenues and Gains Student Tuition and Fees net Contributions Auxiliary Enterprise Sales and Services Unrealized Gain on Investments Net Assets Released from Restrictions Total Revenues and Gains Expenses and Loses Educational and General Expenses Instruction Academic Support Student Services Institutional Support Total Educational and General Expenses Auxiliary Enterprises Total Expenses and Losses Total Change in Net Assets Net Assets Beginning of the Year Net Assets End of the Year Unrestricted 5 429 630 1 891 000 94 370 8 500 450 000 7 873 500 4 350 790 1 999 450 87 980 501 130 6 939 350 133 410 7 072 760 800 740 7 518 000 8 318 740 Net of 61 500 in Tuition Discounts and Allowances Problem 17 6 b a Elizabeth College Statement of Activities Year Ended June 30 2011 Temporarily Restricted Permanently Restricted 1 201 200 1 000 000 450 000 751 200 3 040 1 003 040 9 627 740 Total 5 429 630 4 092 200 94 370 11 540 4 350 790 1 999 450 87 980 501 130 6 939 350 133 410 7 072 760 2 554 980 12 718 000 15 272 980 751 200 200 000 951 200 1 003 040 5 000 000 6 003 040 Nichols County Hospital General Journal For the Year 2011 Debit Credit 1 Tuition Receivable Tuition Discounts and Allowances Tuition and Fees Unrestricted Tuition and Fees Unrestricted Tuition Receivable 2 Cash Investments Contributions Unrestricted Contributions Temporarily Restricted Contributions Permanently Restricted 3 Pledges Receivable Contributions Temporarily Restricted Auxiliary Enterprises Unrestricted Tuition Receivable 4 Cash 5 Cash 6 Investments Cash 7 Equipment Cash 8 Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Cash 9 Instruction Expense Cash 10 Tuition and Fees Unrestricted Allowance for Uncollectible Accounts Investments Unrealized Gain on Investments Unresticted Unrealized Gain on Investments Permanently Restricted Instruction Expense Auxiliary Enterprises Expense Academic Support Expense Accumulated Depreciation 11 To Close Nominal Accounts Tuition and Fees Unrestricted Contributions Unrestricted Auxiliary Enterprises Unrestricted Unrealized Gain on Investments Unrestricted Tuition Discounts and Allowances Instruction Expense Academic Support Expense Student Services Expense Institutional Support Expense Auxiliary Enterprises Expense Net Assets Unrestricted Contributions Temporarily Restricted Net Assets Temporarily Restricted 1 Accounts and Notes Receivable Patient Service Revenues 2 Patient Service Revenues Account and Notes Receivable 3 Contractual Adjustments Provision for Bad Debts Accounts and Notes Receivable Allowance for Uncollectibles 4 Cash Contributions Unrestricted Investment Income Unrectricted 5 Research Expense Cash Cash Contributions Unrestricted 6 Equipment Cash Cash Loss on Disposal of Equipment Accumulated Depreciation Equipment Equipment 7 Fiscal and Administrative Service Expenses General services Expenses Nursing Services Expenses Other Professional Services Expenses Inventory Accrued Expenses Payable Voucher Payable 8 Cash Allowance for Uncollectibles Accounts and Notes Recivable 9 Vouchers Payable Cash 10 Nursing Services Expenses Inventory 11 Accrued Interest receivable Investment Income Unrestricted 12 Depreciation Expense Accumulated Depreciation Buildings Accumulated Depreciation Equipment 13 Closing Entries Patient Service Revenues Investment Income Contributions Unrestricted Net Assets Unrestricted Contractual Adjustments Provision for Bad Debts Research Expenses Fiscal and Administrative Service Expenses General Services Expenses Nursing Service Expenses Other Professional Services Expenses Depreciation Expense Loss on Disposal of Equipment b Net Patient Service Revenue Would be Transaction 1 and 2 Less Contractual Adjustments Net Patient Service Revenue 5 538 500 61 500 101 670 2 466 200 1 000 000 626 000 94 370 5 380 000 1 000 000 10 580 3 866 040 1 987 000 87 980 501 130 92 410 450 000 7 200 11 540 34 750 41 000 12 450 5 491 130 1 891 000 94 370 8 500 1 201 200 1 000 000 3 040 450 000 450 000 1 364 900 52 000 632 000 30 200 56 500 200 000 200 000 39 000 500 1 900 28 600 241 800 253 100 585 000 185 600 67 500 7 200 1 159 000 11 900 1 031 200 68 000 800 124 000 1 312 900 7 300 250 000 751 400 5 600 000 101 670 1 891 000 575 200 1 000 000 626 000 94 370 5 380 000 1 000 000 10 580 6 534 560 450 000 7 200 8 500 3 040 88 200 61 500 4 350 790 1 999 450 87 980 501 130 133 410 350 740 1 201 200 1 003 040 450 000 450 000 1 364 900 52 000 632 000 30 200 50 000 6 500 200 000 200 000 39 000 31 000 1 340 200 1 170 900 1 031 200 68 000 800 51 000 73 000 632 000 30 200 200 000 241 800 253 100 653 000 185 600 124 000 1 900 1 312 900 632 000 680 900 Note Although it was not discussed in the chapter it would be necessary to adjust Net Assets Unrestricted Net Assets Restricted and Net Assets Invested in Capital Assets Net of Related Debt for the effects of capital asset acquisitions and dispositions entry 6 and depreciation entry12 GASB standards require that net assets be reported in these three categories unrestricted restricted and invested in capital assets net of related debt