Final Project The purpose of the Final Project is for you to demonstrate understanding of the reading as well as culminate the learning achieved in the course by describing your understanding and application of knowledge.Review the financial information pertaining to Lee College in problem 11-8 on pages 362 of your text. Prepare the following: 11–8. Presented below are the closing entries for Lee College, a private not-for profit,for the year ended December 31, 2014Revenues—Unrestricted—Tuition and Fees . . . . . . . . . . . . . . . 11,000,000Revenues—Unrestricted—Unrestricted Income on Endowment Investments . . . . . . . . .40,000Revenues—Unrestricted—Sales and Services of Auxiliary Enterprises . . . . . . . . . . . . . .5,500,000Revenues—Unrestricted—Contributions . . . . . . . . . . . . . . . . .100,000Net Assets—Temporarily Restricted……..750,000 Assume the January 1, 2015, net asset balances are as follows: $1,000,000
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