Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $480,000 grant for wetlands research. The grant must be used during the next fiscal year. The university received a $500,000 endowment. For the fiscal year, the university recorded $2,400,000 in tuition and fees revenue. Cash refunds of $313,000 were given. The university provided $12,200 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,978,000. The biology department spent $25,000 on wetlands research. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded. Required 1. Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. 2. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.

Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $480,000 grant for wetlands research. The grant must be used during the next fiscal year. The university received a $500,000 endowment. For the fiscal year, the university recorded $2,400,000 in tuition and fees revenue. Cash refunds of $313,000 were given. The university provided $12,200 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,978,000. The biology department spent $25,000 on wetlands research. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded. Required 1. Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. 2. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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