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.

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Definitions:

Paralanguage

Voice effects that accompany language and convey meaning. These include vocalizations such as giggling, groaning, or sighing, as well as voice qualities such as pitch and tempo.

Gesture-Call System

A communication method involving a combination of gestures and vocalizations used by primates, including humans, to convey messages or express needs.

Linguistic Relativity

The idea that language to some extent shapes the way in which people perceive and think about the world.

Aymara Language

A Native South American language spoken by the Aymara people in Bolivia, Peru, and Chile.