Manthei University, a Private University, Has Provided the Following Information

question 12

Essay

Manthei University, a private university, has provided the following information concerning selected transactions. Prepare in general journal form the entries required for each of the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. The university was awarded a federal grant in the amount of $1,800,000 to be used for a specified research project (determined to be a nonexchange transaction). During the year the entire $1,800,000 was received and expenses for the specified project totaled $1,000,000.
2. Ira Beaker, a renowned chemist and alumnus, donated $7,000,000 to be used for the construction of new chemistry building to be named Beaker Hall. The gift is to be paid to the university in equal installments over a two-year period; the sum for the current year was received in cash.
3. Cash outlays of $2,750,000 were made during the year for construction in progress on the new chemistry building. Other construction projects completed during the year, also financed by restricted resources, amounted to $1,500,000 for buildings and $500,000 for improvements other than buildings. There was no debt financing used for these projects.
4. During the year bonds with a face value of $180,000 were retired.

---

Definitions:

P(X = 1)

The probability that a random variable X takes the value 1, a specific outcome in a probability distribution.

Sports Fans

Individuals who exhibit enthusiasm and support for sports teams or athletes, often through attendance at games, viewership, and merchandise purchase.

College Students

Individuals enrolled in an institution of higher education with the aim of achieving a degree, certificate, or course completion.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of parameters.