Following are several transactions involving a university


Following are several transactions involving a university.

1. In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $580,000 grant for wetlands research.

2. The university received a $600,000 endowment.

3. For the fiscal year, the university recorded $2,900,000 in tuition and fees revenue. Cash refunds of $378,000 were given.

4. The university provided $14,700 in tuition waivers for students with outstanding academic performance.

5. 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 $2,375,000.

6. The biology department spent $30,000 on wetland research.

7. At year-end, $2,000 of estimated uncollectible tuition and fees was recorded.

a. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: Following are several transactions involving a university
Reference No:- TGS01599367

Expected delivery within 24 Hours