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 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

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 18, 2024

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

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.

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.