Question: What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy?

What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy?

Step by Step Solution

★★★★★

3.37 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

When a private nonprofit university receives 1000000 for contract services ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Your portfolio project will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions. Use the following templates for this...

Anderson University, a private, nonprofit university receives a letter from an alumnus who pledges $3,000,000, all of which is expected to be collected and which is unconditional. The alumnus places...

The overall resistance of a slide wire of an automobile fuel level gauge in Fig. 1.20 is 6 ks. If the wiper arm actuated by float is located at 2/3 mark, i.e., R = 2 k2 and R, = 4 k2, determine En if...

What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy? Select one: a. Debit cash $1,000,000;...

What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy? Select one: a. Debit pledge receivable...

need help for Question 1 and 2 of the assignment fir ACCT 221 FORENSIC BUSINESS INVESTIGATION. Pertains to WorldCom scandal. QAssuming WorldCom was a company operating in Australia at the time of the...

DeeDee Double Entry, Incorporated creates accounting games and literature to enhance accounting education and financial literacy. Their business has been quite successful since their incorporation in...

(b) MerryHeart Ltd commenced construction of a machine for greeting cards on 1 September 2018. On 1 October 2018, it borrowed $3 million at an annual interest rate of 8% to finance the development....

hello, need help with a accounting quiz I have attached: 1) quiz 2)pdf files CH. 18- CH 21 Chapter 18 \"Managerial Accounting Concepts/Job Costing\" from Accounting Principles: A Business...

International Journal of Economics and Financial Issues ISSN: 2146-4138 available at http: www.econjournals.com International Journal of Economics and Financial Issues, 2016, 6(2), 392-401. Foreign...

Create a print media ad based on AIDA Model. (You can pick any product)

List the main advantages and disadvantages of a partnership.

Tamar owns a condominium near Cocoa Beach in Florida, in 2 0 2 3 , she incurs the following expenses in consection sump ther cands: \ table [ [ titsuramole , 5 3 , 3 5 8 ] , [ Mfertising espense, 7 3...

On a particular day, the September S&P 500 stock index futures was priced at 960.50. The S&P 500 index was at 956.49. The contract expires 73 days later. a. Assuming continuous compounding, suppose...

Fitness Gym, Inc., produces two basic types of weight-lifting equipment, Model 9 and Model 14. Pertinent data are as follows: The weight-lifting craze suggests that Fitness Gym can sell enough of...

In a TE Connectivity survey of 1000 randomly selected adults, 2% said that they "did not know" when asked if they felt comfortable being in a self-driving vehicle. There is a need to construct a 95%...

Which Body Should Set Accounting Standards in the United States? Team Debate: Team 1: Argue that the SEC should set accounting standards in the United States. Team 2: Argue that the FASB should set...

You are a CPA working for a local firm and have been assigned the 2013 tax return of Bobby Crosser. In going over the data that Bobby gave the firm, you are surprised to see that he has reported no...

I am searching for the accurate solution to this general accounting problem with the right approach. Average inventory age is 75 days, average accounts receivable collection period is 50 days, and...

Listed below are the results of Rulon Candies' operations for 2008 and 2009. (Assume 4,000 shares of outstanding stock for both years.) Required: Prepare a comparative income statement for Rulon...

Below is a condensed listing of the assets and liabilities of General Motors as of December 31, 2005. All amounts are in millions of U.S. dollars 1. Among its assets, General Motors lists more than...

Apple Core, a U.S. company, sold 125,000 cases of tropical fruit to Minh Market, a Vietnamese firm, for 3.2 billion Vietnamese dong. The sale was made on November 17, 2009, when one U.S. dollar...

From the following transactions for Lowe Company for the month of July, a. Prepare journal entries (assume that it is page 1 of the journal). b. Post to the ledger (use three-column account style)....

Post the following transactions to the ledger of King Company. The partial ledger of King Company includes Cash, 111; Equipment, 121; Accounts Payable, 211; and A. King, Capital, 311. Please use...

In April 2013, Jack Lang opened a new cleaning service in Victoria. Please assist him by journalizing the following business transactions: The chart of accounts for Jacks Cleaning Service includes:...