Prepare in general journal form the entries required for each of the following selected transactions of Northern University,a state-funded public institution engaged only in business-type activities.Some of these transactions are related and some are not.
1.A generous alumnus donated $300,000 that can only be used for research on diabetes.The full $300,000 was received in FY 2017.
2.During FY 2017,expenses of $150,000 were made in cash for diabetes research (see item 1 above).
3.$2,000,000 in long-term bonds was issued to construct a new parking garage on campus.
4.During FY 2017,the parking garage (see item 3 above)was partially completed at a total cash expenditure of $1,800,000.
5.During 2017,interest was paid in the amount of $120,000 on the long-term bonds issued for the parking garage project (see item 3 above).

Question

Prepare in general journal form the entries required for each of the following selected transactions of Northern University,a state-funded public institution engaged only in business-type activities.Some of these transactions are related and some are not.
 1.A generous alumnus donated $300,000 that can only be used for research on diabetes.The full $300,000 was received in FY 2017.
 2.During FY 2017,expenses of $150,000 were made in cash for diabetes research (see item 1 above).
 3.$2,000,000 in long-term bonds was issued to construct a new parking garage on campus.
 4.During FY 2017,the parking garage (see item 3 above)was partially completed at a total cash expenditure of $1,800,000.
 5.During 2017,interest was paid in the amount of $120,000 on the long-term bonds issued for the parking garage project (see item 3 above).

Quizplus · Accepted Answer

The Answer of Prepare in general journal form the entries required for each of the following selected transactions of Northern University,a state-funded public institution engaged only in business-type activities.Some of these transactions are related and some are not.
 1.A generous alumnus donated $300,000 that can only be used for research on diabetes.The full $300,000 was received in FY 2017.
 2.During FY 2017,expenses of $150,000 were made in cash for diabetes research (see item 1 above).
 3.$2,000,000 in long-term bonds was issued to construct a new parking garage on campus.
 4.During FY 2017,the parking garage (see item 3 above)was partially completed at a total cash expenditure of $1,800,000.
 5.During 2017,interest was paid in the amount of $120,000 on the long-term bonds issued for the parking garage project (see item 3 above).

Prepare in General Journal Form the Entries Required for Each