Prepare the journal entries to record the following events for Cost (private) University:
a.
A federal grant of $100,000 was received for research.
b.
Expenses for the research project totaled $50,000 to date.
c.
Endowment income of $10,000 is restricted to student aid activities.
d.
All but $2,000 of expenses are paid for student aid.

Question

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The Answer of Prepare the journal entries to record the following events for Cost (private) University:
a.
A federal grant of $100,000 was received for research.
b.
Expenses for the research project totaled $50,000 to date.
c.
Endowment income of $10,000 is restricted to student aid activities.
d.
All but $2,000 of expenses are paid for student aid.

Prepare the Journal Entries to Record the Following Events for Cost