Following are several transactions Involving a university.

In the current fiscal year, the university was notlfied by the federal government that next fiscal year It would recelve a $$500,000$

grant for wetlands research. The grant must be used durling the next fiscal year.

The unlversity recelved a $$500,000$ endowment.

For the fiscal year, the unlversity recorded $$2,500,000$ in tultion and fees revenue. Cash refunds of $$325,000$ were given.

The university provided $$12,600$ in tultion walvers for students with outstanding academic performance.

Durling the year, the unlversity constructed a new street, to allow for the expanslon of Its student housing efforts. The cost of the

street was $$1,980,000.$

The blology department spent $$25,000$ on wetlands research.

At year$-$end, $$1,670$ of estimated uncollectible tultion and fees was recorded.

Required

a$.$ Prepare journal entrles to record the foregoing transactlons, assuming the university is a private institutlon.

b$.$ Prepare journal entrles to record the foregoing transactlons, assuming the university is a public institution.

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 nstitution. $($If no entry is required for a

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Record the $$500,000$ grant receivable for wetlands research.

Nate: Enter debits before credits.