A Private University Receives $1,000,000 in the Current Fiscal Year

Essay

A private university receives $1,000,000 in the current fiscal year as a grant restricted for a specific research project and incurs expenses of $400,000 related to the research project during the current fiscal year. Make all necessary journal entries to record the transactions related to the grant for the current fiscal year.
Prepare journal entries to record the transactions related to the grant for the current fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)