Fund Accounting

Please prepare journal entries for the following transactions, as they would be prepared for (1) private, not-for-profit universities, and (2) public universities For public universities, be sure to indicate whether the revenue or expense is operating or nonoperating Please use the journal provided. 1 Student tuition was billed, S5,000,000. Student scholarships of $900,000 were awarded. No work was required for these scholarships. The scholarships were applied against the tuition billed. 2 A citizen donated a tractor, fair market value $24,000. She stipulated that these tractors could only be used to maintain the university's outdoor intermural fields 3 It is now the end of the year, and depreciation is recorded for the tractor in #2, $6,000 4 Another citizen donated $4,000,000 to the university. She stipulated that only investment earnings can be spent, and the entire amount is to be used for scholarships