Reference no: EM132794462
Question - Please see below for transactions of a college:
1. A not-for-profit organization sent notifications to the college that next year a $710,000 grant for vaccination research would be available to the college.
2. The college received an endowment in the amount of $760,000.
3. The college generated $3,550,000 revenue from tuition and fees. Cash refunds of $464,000 were given.
4. Tuition waiver of $18,100 were awarded to students with outstanding academic performance.
5. The college renovated a building to add more rooms. The cost of the renovation was $3,007,000.
6. The medicine department spent $38,000 on vaccination research.
7. At the end of the year, $2,550 of estimated uncollectible tuition and fees was recorded.
Required - Make journal entries to record the foregoing transactions, assuming the college is a public institution.
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