Transactions
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Complete questions 15-17, a and b. Click the Assignment Files tab to submit your assignment. 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: Instruction $86,100 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 temporarily restricted. 9. Adjusting entries for the period were made to