Question & Answer: 3. Various Unrelated Transactions. Following are several unrelated transactions involving a university. •In fiscal year 2017, the university was notified…..

3. Various Unrelated Transactions. Following are several unrelated transactions involving a university. •In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $600,000 grant for wetlands research. •The university received a $600,000 endowment. •For the fiscal year, the university recorded $3,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given. •The university provided $12,600 in tuition waivers for students with outstanding academic performance. •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 $1,980,000. •The biology department spent $25,000 on wetland research. •At year-end, $2,670 of estimated uncollectible tuition and fees was recorded. Using this information a.Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. b.Prepare journal entries to record the foregoing transactions, assuming the university is a public institution.

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a. Journal (Private institution)

No. Account Name Debit Credit
1. Grant Receivable $600000
Contributions—Temporarily Restricted $600000
(To record the Grant receivable notified by the federal government)
2. Cash $600000
Contributions—Permanently Restricted $600000
(To record receipt of endowment)
3(a) Tuition and Fees Receivable $3500000
Tuition and Fees—Unrestricted $3500000
(To record the tuition fee revenue)
3(b) Tuition and Fees—Unrestricted $325000
Cash $325000
(To record cash refunds given)
4. Tuition and Fees Discount and Allowances $12600
Tuition and Fees Receivable $12600
(To record tuition waivers for students with outstanding academic performance)
5. Land Improvements $1980000
Cash $1980000
(To record the construction of a new street)
6(a) Research Expense $25000
Cash $25000
(To record amount spent on research)
6(b) Net Assets—Released from Restrictions—Temporarily Restricted $25000
Net Assets—Released from Restrictions—Unrestricted $25000
(To record release of funds)
7. Tuition and Fees—Unrestricted $2670
Allowance for Doubtful Accounts $2670
(To record uncollectible tuition and fees)

b. Journal (Public Institution)

No. Account Name Debit Credit
1. No Journal Entry Required
2. Cash $600000
Revenues—Gifts and Grants $600000
(To record receipt of endowment)
3(a) Accounts Receivable—Tuition and Fees $3500000
Revenues—Tuition and Fees $3500000
(To record the tuition fee revenue)
3(b) Revenues—Tuition and Fees $325000
Cash $325000
(To record cash refunds given)
4. Tuition and Fees Discount and Allowances $12600
Accounts Receivable—Tuition and Fees $12600
(To record the receipt of tuition waivers)
5. Infrastructure $1980000
Cash $1980000
(To record the construction of a new street)
6. Research expense $25000
Cash $25000
(To record amount spent on research)
7. Provision for Bad Debts $2670
Allowance for Doubtful Accounts $2670
(To record uncollectible tuition and fees)

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