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