SAMPLE JOURNAL ENTRIES FOR THE UNRESTRICTED CURRENT FUND

1. Educational and general revenue is earned or billed:

Student tuition & fees of which
P20,000 is considered uncollectible 1,700,000
Government Appropriation 750,000
Endowment Income 50,000
Other investment income 250,000

Entry:
Accounts Receivable 2,750,000
Revenues – Student Tuition & Fees 1,700,000
Revenues - Governmental Appropriation 750,000
Revenues – Unrestricted Endowment Income 50,000
Revenues – Unrestricted Other Investment Income 250,000

Expenses – Institutional Support

(provision for uncollectible accounts) 20,000
Allow. For Uncollectible Contributions 20,000

2. Unrestricted contributions are pledged in the amount of P250,000,

10% of these pledges are assumed uncollectible.

Entry:
Contribution Receivable 250,000
Revenues – Unrestricted Contributions 250,000

Expenses – Institutional Support 25,000

Allow. For Uncollectible Contribution 25,000

3. Of the total revenues, P2,800,000 is collected, including P200,000 of pledges.

Entry:
Cash 2,800,000
Accounts Receivable 2,600,000
Contribution Receivable 200,000
4. Revenue billed for dormitories is P400,000, of which P20,000 is not yet received.

Entry:
Cash 380,000
Accounts Receivable 20,000
Revenues – Sales and Services Auxiliary Enterprises 400,000

5. Purchase of materials and suppliers totaling P400,000 of which P25,000 is not yet paid.

Entry:
Supplies Inventory 400,000
Cash 375,000
Accounts Payable 25,000

6. Expenses are paid and assigned to:

Instruction P1,050,000
Research 100,000
Academic Support 150,000
Student Services 200,000
Institutional support 200,000
Operation and maintenance of PPE 400,000
Scholarship and fellowships 40,000
Sales and Services – Auxiliary enterprises 260,000

Entry:
Expense - Instruction 1,050,000
Expense - Research 100,000
Expense - Academic Support 150,000
Expense - Student Services 200,000
Expense - Institutional support 200,000
Expense - Operation and maintenance of PPE 400,000
Expense - Scholarship and fellowships 40,000
Expense - Sales and Services – Auxiliary enterprises 260,000
Cash 2,400,000
7. Material and supplies used:
Instruction P268,000
Student services 22,000
Auxiliary enterprises 90,000

Entry:
Expenses - Instruction 268,000
Expenses - Student services 22,000
Expenses - Auxiliary enterprises 90,000
Supplies Inventory 380,000

8. Aid is granted to students:

Remission of tuition P140,000
Cash scholarship 35,000

Entry:
Expenses – Student Aid 175,000
Accounts Receivable 140,000
Cash 35,000

9. Donated Services that has to be purchased if not donated has a fair value of P35,000

Entry:
Expenses – Instruction 35,000
Revenue – Unrestricted 35,000

10. Cash contributions are given without donor restriction.

Entry:
Cash 200,000
Revenues – Unrestricted Contribution 200,000
11. Closing entries are prepared for the unrestricted net assets.

Entry:
Revenues - Student Tuition and Fees 1,700,000
Revenues - Government Grant 750,000
Revenues - Unrestricted Contribution 385,000
Revenues - Unrestricted Endowment 50,000
Revenues - Unrestricted Other Investment 250,000
Expenses - Instructional 1,353,000
Expenses - Research 100,000
Expenses - Academic Support 150,000
Expenses - Student Services 222,000
Expenses - Institutional support 245,000
Expenses - Operations and Maintenance of PPE 400,000
Expenses - Student Aid 215,000
Unrestricted Net Assets 450,000