Public and private schools, contributions versus exchange transactions. Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any...

Public and private schools, contributions versus exchange transactions. Record the following transactions. Identify each as a contribution, agency, or an exchange transaction, and prepare any appropriate entries.

1. Private University coordinated its annual special event with the opening of the alumni weekend. Tickets to the special event were $200 and included a buffet (cost, $30), admission to the university symphony (cost, $30), and a reception (cost, $35). A total of 500 tickets was sold.

2. A local manufacturing company gave $1,000,000 to Private University to commission a study on the relationship of worker stress to chronic disease. The results of the study will be used to educate the general public.