The following information pertains to Northern State University, a government owned university, for the month of March, 20X1. 

1. During the month, the university received an unrestricted appropriation of $4,000,000 from the state.
2. The university billed tuition and fees totaling $3,400,000 and provided $280,000 in scholarship waivers.
3. An alumnus donated $900,000 in cash with $200,000 earmarked for construction of a new library.
4. Equipment for the student computer labs was purchased for cash in the amount of $485,000.
5. Interest of $32,000 on bonds payable was paid.
6. Investment income of $49,000 was earned and collected.
7. The university collected $2,485,000 of the tuition and fees billed earlier.
8. Refunds of $97,200 were made for tuition and fees.
9. General expenses of 3,976,000 related to administration of academic programs was paid.
10. Accrued liabilities of $16,800 were paid.
11. Month end entries included the following:  Depreciation - $74,000; Allowance for doubtful accounts - 17,800; accrued interest earned on investments - $1,460.

Required:

Prepare journal entries for each of the foregoing transactions in an Excel worksheet. Label each entry clearly and use Excel formulas for all calculated numbers.

Answer rating: 100% (QA)

Journal entries for each of the foregoing tran... View the full answer