Government and Not$-$for$-$Profit Accounting Portfolio

Your Portfolio Project includes four distinct questions. You will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions. You will have two deliverables: $(1)$ an Excel spreadsheet and $(2)$ a $6-$page Word document combining Problems #$2,$ #$3,$ and #$4$ not including title and reference pages.

Problem #$1$

The following information pertains to Northern State University, a government$-$owned university, for the month of March, $20$X$5.$

During the month, the university received an unrestricted appropriation of $$4,000,000$ from the state.

The university billed tuition and fees totaling $$3,400,000$ and provided $$280,000$ in scholarship waivers.

An alumnus donated $$900,000$ in cash, with $$200,000$ earmarked for the construction of a new library.

Equipment for the student computer labs was purchased for cash in the amount of $$485,000.$

Interest of $$32,000$ on bonds payable was paid.

Investment income of $$49,000$ was earned and collected.

The university collected $$2,485,000$ of the tuition and fees billed earlier.

Refunds of $$97,200$ were made for tuition and fees.

General expenses of $3,976,000$ related to the administration of academic programs were paid.

Accrued liabilities of $$16,800$ were paid.

Month end entries included the following: Depreciation $-$ $$74,000$; Allowance for doubtful accounts $-17,800$; accrued interest earned on investments $-$ $$1,460.$

Deliverable $1$:

In an Excel Spreadsheet prepare journal entries for each of the foregoing $($Problem #$1)$ transactions. Label each entry clearly and use Excel formulas for all calculated numbers.