Below are several transactions involving a private, not-for-profit university.1. The university recorded $3,000,000 in tuition and fees for the fiscal year.2. Tuition refunds of $218,000 were given.3. The federal government notified the university that it would provide the university with a$1,200,000 federal grant for pharmaceutical research next year.4. The university received a $400,000 endowment.5. The university provided $22,000 in tuition waivers for students with outstanding academicperformance.6. The chemistry department spent $33,000 on pharmaceutical research.7. During the year the university spent $2,450,000 to construct a new street to allow for theexpansion of student housing.8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year.Required:Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is aprivate, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use Excelformulas for all calculated numbers.

A journal entry is a basic accounting record that is used to chronologically track financial…

low are several transactions involving a private, not-for-profit university. 1. The university recorded $3,000,000 in tuition and fees for the fiscal year. 2. Tuition refunds of $218,000 were given. 3. The federal government notified the university that it would provide the university wit $1,200,000 federal grant for pharmaceutical research next year. 4. The university received a $400,000 endowment. 5. The university provided $22,000 in tuition waivers for students with outstanding acad performance. 6. The chemistry department spent $33,000 on pharmaceutical research. 7. During the year the university spent $2,450,000 to construct a new street to allow for

low are several transactions involving a private, not-for-profit university. 1. The university recorded $3,000,000 in tuition and fees for the fiscal year. 2. Tuition refunds of $218,000 were given. 3. The federal government notified the university that it would provide the university wit $1,200,000 federal grant for pharmaceutical research next year. 4. The university received a $400,000 endowment. 5. The university provided $22,000 in tuition waivers for students with outstanding acad performance. 6. The chemistry department spent $33,000 on pharmaceutical research. 7. During the year the university spent $2,450,000 to construct a new street to allow for

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Question

Below are several transactions involving a private, not-for-profit university.
1. The university recorded $3,000,000 in tuition and fees for the fiscal year.
2. Tuition refunds of $218,000 were given.
3. The federal government notified the university that it would provide the university with a
$1,200,000 federal grant for pharmaceutical research next year.
4. The university received a $400,000 endowment.
5. The university provided $22,000 in tuition waivers for students with outstanding academic
performance.
6. The chemistry department spent $33,000 on pharmaceutical research.
7. During the year the university spent $2,450,000 to construct a new street to allow for the
expansion of student housing.
8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year.
Required:
Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a
private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use Excel
formulas for all calculated numbers.

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Topic: Accounting For Non-Profit Organization