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Preparing Journal Entries: Notre Dame University

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Please prepare the journal entries for the following transactions for Notre Dame University (private non-profit.)

1. Received unrestriced cash gifts of $300,000.
2. Received a gift of $40,000 with a restriction to use it solely for the purchase of lab equipment.
3. Purchased lab equipment (from #2) for $20,000.
4. Received a gift of $1,000,000 that is restricted from use for ever (can never be used.) Any interest received
from the investment has no restrictions (the college can use it for anything.)
5. Received $20,000 from interest from investment (from #4).

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Please prepare the journal entries for the following transactions for Notre Dame University (private non-profit.)

1. Received unrestriced cash gifts of ...

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