Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 26

Public and private universities, grants, contributions. Record the following events that affect (1) Public University and (2) Private University:
a. A private grant of $200,000 was received to be used exclusively for defraying costs of holding conferences on the topic of genes.
b. By year-end, $110,000 of the grant mentioned in item (a) had been applied to the purpose stipulated.
c. The grant provided that amounts not awarded by year-end are to be transferred to the endowment fund. The liability to that fund is recorded.
d. An alumnus, who was a former athlete, contributed $15,000 to assist in the search for a basketball coach.