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

$660,000 grant for wetlands research. The grant must be used during the next fiscal year.

2. The university received a $700,000 endowment.

3. For the fiscal year, the university recorded $3.300.000 in tuition and fees revenue. Cash refunds of $431,000 were

4. The university provided $16,800 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. Th

of the street was $2.770.000.

6. The biology department spent $35,000 on wetlands research.

7. At year-end, $2,350 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.

PLEASE NOTE THERE IS PART A & B WITH THEIR OWN ENTRIES

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 recelve a $660,000 grant for wetlands research. The grant must be used during the next fiscal year. 2. The university recelved a$700,000 endowment. 3. For the fiscal year, the unlversity recorded $3,300,000 in tuition and fees revenue. Cash refunds of $431,000 were given. 4. The university provided $16,800 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 $2,770,000. 6. The biology department spent $35,000 on wetlands research. 7. At year-end, $2,350 of estimated uncollectible tuition and fees was recorded. Required a. Prepare journal entries to record the foregoing transactions, assuming the unlversity is a private institution. b. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet DEFG Record the $660,000 grant receivable for wetlands research. Note: Enter deblts before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the refund of tuition and fees revenue. Note: Enter debits before credits. Journal entry worksheet GHI Record the $16,800 tuition waivers for students with outstanding academic performance. Note: Enter debits before credits. Journal entry worksheet Record the $2,770,000 expenditure incurred for construction of a new street. Note: Enter debits before credits. Journal entry worksheet Record the grant receivable from the Federal Government for wetlands research. The grant must be used during the next fiscal year. Note: Enter debits befoet credin. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required fi transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Noter Enter oebits before credits. Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required fif transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits: Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet