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15-17 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. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017.

Date Posted: 15/02/2019
Category: Economics
Due Date: 17/02/2019
Instruction
The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017. 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. 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. Collections on Tuition and Fees Receivable totaled $222,600 Net deposits returned to students totaled $10. Expenses were incurred for: Instruction $86,100 Academic support
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