Prepare Journal entries if the university is A) a Private college and B) a public college
| 1. | In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $370,000 grant for wetlands research. |
| 2. | The university received a $380,000 endowment. |
| 3. | For the fiscal year, the university recorded $1,850,000 in tuition and fees revenue. Cash refunds of $241,000 were given. |
| 4. | The university provided $9,400 in tuition waivers for students with outstanding academic performance. |
| 5. | During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,504,000. |
| 6. | The biology department spent $19,000 on wetland research. |
| 7. | At year-end, $1,260 of estimated uncollectible tuition and fees was recorded. |
Journal Entry if University is Public collage
| No | Description | Debit $ | Credit $ |
| 1 | Grant Receivable | 370,000 | |
| Contributions—Temporarily Restricted | 370,000 | ||
| 2 | Cash | 380,000 | |
| Contributions—Permanently Restricted | 380,000 | ||
| 3-a | Tuition and Fees Receivable | 1,850,000 | |
| Tuition and Fees—Unrestricted | 1,850,000 | ||
| 3-b | Tuition and Fees—Unrestricted | 241,000 | |
| Cash | 241,000 | ||
| 4 | Tuition and Fees Discount and Allowances | 9,400 | |
| Tuition and Fees Receivable | 9,400 | ||
| 5 | Land Improvements | 1,504,000 | |
| Cash | 1,504,000 | ||
| 6-a | Research Expense | 19,000 | |
| Cash | 19,000 | ||
| 6-b | Net Assets—Released from Restrictions —Temporarily Restricted |
19,000 | |
| Net Assets—Released from Restrictions —Unrestricted |
19,000 | ||
| 7 | Tuition and Fees—Unrestricted | 1,260 | |
| Allowance for Doubtful Accounts | 1,260 |
