Below are several transactions involving a private, not-for-profit university.

1. The university recorded $3,000,000 in tuition and fees for the fiscal year.
2. Tuition refunds of $218,000 were given.
3. The federal government notified the university that it would provide the university with a $1,200,000 federal grant for pharmaceutical research next year.
4. The university received a $400,000 endowment.
5. The university provided $22,000 in tuition waivers for students with outstanding academic performance.
6. The chemistry department spent $33,000 on pharmaceutical research.
7. During the year the university spent $2,450,000 to construct a new street to allow for the expansion of student housing.
8. Estimated uncollectible tuition of $2,340 was recorded at the end of the year.

Required:

Prepare journal entries to record the foregoing (Problem #2) transactions assuming the university is a private, not-for-profit institution in an Excel spreadsheet. Label each entry clearly and use Excel formulas for all calculated numbers.