Southeastern State University, a public university, has chosen to report as a public university reporting as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2016 in the amount of $3,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2017. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): 1.Deferred revenues related to unearned revenues for the summer session, which ended in August 2016.2.During the fiscal year ended June 30, 2017, student tuition and fees were assessed in the amount of $78,000,000. Of that amount, $51,000,000 was collected in cash. Also, of that amount, $3,300,000 pertained to that

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portion of the 2017 summer session that took place after June 30, 2017.3.Student scholarships, for which no services were required, amounted to $2,100,000.  Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters.4.Student assistantships and work-study stipends, for which services were required, amounted to $3,500,000 and were to their tuition bills. These all relate to institutional support.5.Auxiliary enterprise revenues amounted to $11,900,000 (received in cash).6.The state appropriation for operations was received in the amount of $35,000,000.7.Pell Grants in the amount of $ 20,000,000 were received.8.The Pell Grants were applied to student accounts receivable.

What will be an ideal response?

Answer 1