Southern State 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, 2008 in the amount of $5,600,000. Record the following transactions related to revenue recognition for the year ended June 30, 2009. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): -Deferred revenues related to unearned revenues for the summer session, which ended in August 2008.-During the fiscal ended June 30, 2009, student tuition and fees were assessed in the amount of $65 million, of that amount 51 million was collected in cash. Also of that amount, 6 million pertained to that portion of the 2009 summer session that took place after June 30, 2009.-Student scholarships, for which no services were required, amounted to $2 million. Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters.-Student scholarships & fellowships, for which services were required, such as graduate assistanships, amounted to $2,750,000. These students also applied their scholarships & fellowships awards to their tuition bills at the beginning of each semester.-Auxiliary enterprise revenues amounted to $5.1 million.-The state appropriation for operations amounted to $45 million.-The state appropriation for capital outlay amounted to $16.5 million-Gifts for endowment purposes amounted to $2 million. Gifts for unrestricted purposes aounted to $3 million. Interest income, all unrestricted, amounted to $600,000.
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