Following are several transactions involving a university.
1. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $500,000 grant for wetlands research.
2. The university received a $500,000 endowment.
3. For the fiscal year, the university recorded $2,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given.
4. The university provided $12,600 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 $1,980,000.
6. The biology department spent $25,000 on wetlands research.
7. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded.



Required
a. Prepare journal entries to record the foregoing transactions, assuming the university is a private institution.
b. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.

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a Journal Private institution No Account Name Debit Credit 1 Grant Receivable 600000 ContributionsTe... View the full answer