The university collected $4.8 million in student fees with $1.8 million still outstanding. It received revenue from services to companies ($3.2 million), student accommodation ($6.2 million), catering ($4.3 million), transportation for staff ($2 million) and students ($3.84 million). The university was awarded a $200,000 prize and received grants of $2 million from the ministry of higher education and $1.5 million from the Arab Education Fund. It provided $1.8 million in scholarships and waived $800,000 in fees. Purchases included new buses ($3.15 million), computers and network upgrade ($4.28 million), and medical supplies for students ($6
The university collected $4.8 million in student fees with $1.8 million still outstanding. It received revenue from services to companies ($3.2 million), student accommodation ($6.2 million), catering ($4.3 million), transportation for staff ($2 million) and students ($3.84 million). The university was awarded a $200,000 prize and received grants of $2 million from the ministry of higher education and $1.5 million from the Arab Education Fund. It provided $1.8 million in scholarships and waived $800,000 in fees. Purchases included new buses ($3.15 million), computers and network upgrade ($4.28 million), and medical supplies for students ($6
The university collected $4.8 million in student fees with $1.8 million still outstanding. It received revenue from services to companies ($3.2 million), student accommodation ($6.2 million), catering ($4.3 million), transportation for staff ($2 million) and students ($3.84 million). The university was awarded a $200,000 prize and received grants of $2 million from the ministry of higher education and $1.5 million from the Arab Education Fund. It provided $1.8 million in scholarships and waived $800,000 in fees. Purchases included new buses ($3.15 million), computers and network upgrade ($4.28 million), and medical supplies for students ($6
A university collected 900,000 of student's fees of the
year,and still 180,000 due but not collected. During the year, the university got a governmental grant of 400,000 to upgrade the IT system and a local grant of 600,000 for building maintenance. It also collected revenue from the selling food in the cafeteria and the un. Restaurant equals 330,000 and from student accommodation 290,000, revenue from consultancy services 200,000. In order to encourage excellence in education, the university provided a scholarship of 200,000 to 2 students in engineering for a prize-winner project in local competition, waived 30,000 of due fees for .disable students The university purchased the following items: Computers for 240,000, printers for 60,000, photocopiers for 120,000, chemicals for pharma students for 360,000 (310,000 used), technical equipment for tests for 450,000. The last two items only were on credit. In addition, the university had the following expenses: Salaries to staff 820,000 (1/4 still due), education expenses 485,000, transportation 410,000, cost of catering 520,000. The Answer (amounts in thousand( Dr. Cash 900 Accounts Receivable 180 Cr. Revenues – Tuition & Fees 1080 ----- Dr. cash 1000 Cr. Revenue- gov. grant 400 Revenue- local grant 600 ----- Dr. cash/A. R 820 Cr. Revenue - Restaurant 330,000 Revenue- student accommodation 290,000, Revenue - consultancy services 200,000. ---- Dr. Revenue deduction- scholarship 200 Revenue deduction- waiving fees 30 Cr. Cash 200 A.R 30 ----- Dr. Computers 240,000 printers 60,000 photocopiers 120,000 Cr. Cash/ A. P. 420 -------- Dr. Inventory of chemicals 360 Cr. Acc. Payable 360 Then: Dr. Education expenses- chemicals 310 Cr. Inventory of chemicals 310 ---------- Dr. Equipment 450 Cr. Acc. Payable 450 --- Dr. Salaries expense 820,000 Cr. Cash 615 (- 820-205) Salaries payable 205 (1/4 X 820,000= 205 still due), --- Dr. education expenses 485,000 transportation 410,000 cost of catering 520,000 Cr. Cash 1415 ======================================
Q2- Solve similar to the above:
A university collected 4.8m as student fees, in addition, 1.8m still not collected. The university provided services to some companies for revenue 3.2m, revenue from student accommodation 6.2m, from catering in-campus 4.3m, from providing transportation to staff 2m and to students 3.84m. It also won a prize for innovation with a 0.200m cash. The ministry of higher education provided a grant of 2m for renewing buildings and also obtained a gift from the Arab Education Fund of 1.5m for enhancing technical courses. The university allowed scholarships of 1.8m and waiving due fees of 0.800m. The university purchased new buses for 3.15m, computers and upgrade to the network server 4.28m (half on credit). Purchased Medical supplies for med- students for 6.2m (4m used). The expenses of the year include: salaries 4.2m (0.600m of it still due), cost of promotion campaign 3m, improvements to the surrounding community 1.2m. Education and general expenses 8.3, cost of purchase of books 3.7m and software licensed 2m.
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