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.Incurred $10,000 of expenses for student aid of which all but $2,000 of expenses are paid.

Question

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.Incurred $10,000 of expenses for student aid of which all but $2,000 of expenses are paid.

Quizplus · Accepted Answer

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.Incurred $10,000 of expenses for student aid of which all but $2,000 of expenses are paid.

Prepare the Journal Entries to Record the Following Events for Cost