Prepare in General Journal Form the Entries Required for Each

question 1

Essay

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 2014.
2)During FY 2014,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 2014,the parking garage (see item 3 above)was partially completed at a total cash expenditure of $1,800,000.
5)During 2014,interest was paid in the amount of $120,000 on the long-term bonds issued for the parking garage project (see item 3 above).