Accounting for Tuition and Fees Revenue At the beginning of the fall semester, Beaty State University, a public university, billed tuition and fees at a gross amount of $4,800,000. Of this amount, the University awarded scholarships of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer-provided tuition discounts. 1. Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit Credit 0 0 x 0 0x 0 0 x 0 0 x 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. Record the journal entry given these assumptions. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account < < < < Debit Credit 0 0 x 0 0x 0 0 x 0 0 x
Accounting for Tuition and Fees Revenue At the beginning of the fall semester, Beaty State University, a public university, billed tuition and fees at a gross amount of $4,800,000. Of this amount, the University awarded scholarships of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer-provided tuition discounts. 1. Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Debit Credit 0 0 x 0 0x 0 0 x 0 0 x 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. Record the journal entry given these assumptions. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account < < < < Debit Credit 0 0 x 0 0x 0 0 x 0 0 x
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 34P
Related questions
Question
Transcribed Image Text:Accounting for Tuition and Fees Revenue
At the beginning of the fall semester, Beaty State University, a public university, billed
tuition and fees at a gross amount of $4,800,000. Of this amount, the University
awarded scholarships of $250,000 and $50,000 was believed to be uncollectible.
The University also offered a generous tuition discount for the dependents of its
employees. An additional $300,000 of the gross amount was awarded as employer-provided
tuition discounts.
1. Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amounts), debits first.
Account
Debit
Credit
0
0 x
0
0x
0
0 x
0
0 x
2. Assume that the transactions described above were in the summer instead
of the fall. The billing was on June 25, fiscal year end is June 30, and the
semester does not begin until July 15. Record the journal entry given these
assumptions. Enter accounts in order of magnitude (largest to smallest amounts), debits first.
Account
< < < <
Debit
Credit
0
0 x
0
0x
0
0 x
0
0 x
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you