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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.
Required:
Prepare journal entries for each of the foregoing transactions in an Excel worksheet. Label each entry clearly and use Excel formulas for all calculated numbers.
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