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problem: Make entries in general journal form for the following transactions for a certain public university. 

[A] The university was rewarded a federal grant in the amount of $1,800,000 to be used for a particular research project. During the year the entire $1,800,000 was received & operating cost for the particular project totaled $1,000,000.

[B] Ira Beaker, a renowned chemist & alumnus, give $7,000,000 to be used for the making of new chemistry building to be named Beaker Hall. The gift is to be paid to the university in equal installments over a two (2) year period; the sum for the current year was earned in cash.

[C] Cash outlays of $2,750,000 were made during the year for creation in progress on the new chemistry building. Other construction projects completed during the year amounted to $1,500,000 for buildings & 500,000 dollar for improvements other than buildings. There was no debt financing used for these projects.

[D] During the year bonds with a face price of $180,000 were retired.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920353

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