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Sandoval University, a private, nonprofit university, pays its employees on the 15th of each month...

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Accounting

Sandoval University, a private, nonprofit university, pays its employees on the 15th of each month for the preceding month. At the end of June, Sandoval accrues gross salaries of $1,500,000 and benefits of $300,000 for the month.

  1. Record the accrual journal entry.
  2. What other information would need to be captured for external financial reporting?
  3. If Sandoval uses the NACUBO functional cost classification, what other considerations would be necessary for external financial reporting?

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