Reference no: EM131215645
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.)
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