Finance,Accounts Receivable,Bonds ,revenue expenditure.
Show entries in general journal form for the following transactions for a certain public university.
- The university was awarded a federal grant in the amount of $1,800,000 to be used for a specified research project. During the year the entire $1,800,000 was received and expenses for the specified project totaled $1,000,000.
- Ira Beaker, a renowned chemist and alumnus, donated $7,000,000 to be used for the construction of new chemistry building to be named Beaker Hall. The gift is to be paid to the university in equal installments over a two-year period; the sum for the current year was received in cash.
- Cash outlays of $2,750,000 were made during the year for construction in progress on the new chemistry building. Other construction projects completed during the year amounted to $1,500,000 for buildings and $500,000 for improvements other than buildings. There was no debt financing used for these projects.
- During the year bonds with a face value of $180,000 were retired.