The following information pertains to Northern State

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.


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