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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 temporarily restricted.

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.

Required 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.

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