Problem 2 The following information pertains to Northern State University, a government owned university, for the month of March, 20X1 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 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 administration of academic programs was 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 Required Prepare journal entries for each of the foregoing (Problem 2) transactions in an Excel worksheet Label each entry clearly and use Excel formulas for all calculated numbers

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Problem #2 The following information pertains to Northern State University, a government owned university, for the month of March, 20X1. During the month, the university

Problem #2

The following information pertains to Northern State University, a government owned university, for the month of March, 20X1.

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 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 administration of academic programs was 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.

Required:

Prepare journal entries for each of the foregoing (Problem #2) transactions in an Excel worksheet.Label each entry clearly and use Excel formulas for all calculated numbers.