Accounting for Tuition and Fees RevenueAt the beginning of the fall semester, Beaty State University, a public university, billedtuition and fees at a gross amount of $4,800,000. Of this amount, the Universityawarded scholarships of $250,000 and $50,000 was believed to be uncollectible.The University also offered a generous tuition discount for the dependents of itsemployees. An additional $300,000 of the gross amount was awarded as employer-providedtuition discounts.1. Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amounts), debits first.AccountDebitCredit00 x00x00 x00 x2. Assume that the transactions described above were in the summer insteadof the fall. The billing was on June 25, fiscal year end is June 30, and thesemester does not begin until July 15. Record the journal entry given theseassumptions. Enter accounts in order of magnitude (largest to smallest amounts), debits first.Account< < < <DebitCredit00 x00x00 x00 x

Here is the journal entry for each scenario:1. Journal Entry for Billing in Fall…

Answered: Accounting for Tuition and Fees Revenue…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 34P

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At the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship 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. 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. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?
Accounting for Auxiliary Services Revenue For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments.
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For the year ended June 30, 20X9, a university assessed its students a total of $4,000,000 for tuition and fees. Included in this amount were $300,000 of tuition remissions awarded to graduate teaching assistants and $150,000 of scholarships awarded to undergraduate students. Tuition and fees totaling $3,550,000 were collected during the year ended June 30, 20X9. What amount should be reported in the fund without donor restrictions as net revenue from tuition and fees for the year ended June 30, 20X9?
During the year, Private College received the following: An unrestricted $10,000 pledge to be paid the following year. A $70,000 cash gift restricted for scholarships. A notice from a recent graduate that the college is named as a beneficiary of $25,000 in that graduate's will. What amount of contribution revenue should Private College report in its statement of activities? A.) $10,000 B.) $70,000 C.) $105,000 D.) $80,000
A
The following information relates to Hudson City for its fiscal year ended December 31, 2020.• During the year, retailers in the city collected $1,700,000 in sales taxes owed to the city. As of December 31, retailers have remitted $1,100,000. $200,000 is expected in January 2021, and the remaining $400,000 is expected in April 2021. • On December 31, 2019, the Foundation for the Arts pledged to donate $1, up to a maximum of $1 million, for each $3 that the museum is able to collect from other private contributors. The funds are to finance construction of the city-owned art museum. During 2020, the city collected $600,000 and received the matching money from the Foundation. In January and February 2021, it collected an additional $2,400,000 and also received the matching money. • During the year, the city imposed license fees on street vendors. All vendors were required to purchase the licenses by September 30, 2020. The licenses cover the one-year period from October 1, 2020, through…
Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school’s annual tuition revenue (as a percentage of the total). Last year allocations (000s omitted) were as follows:
Etling Center for State Government Policy, a nonprofit organization, receives a cash contribution with donor restrictions of $100,000 in fiscal year ended December 31, 2021. Of this amount, $40,000 of restrictions are satisfied in fiscal year ended December 31, 2022. What journal entry would be recorded in 2022 to recognize the satisfaction of the restrictions?
INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,300 a year. A fund drive raised $186,500 in cash and $103,000 in pledges that will be paid next year. A state government grant of $153,000 was received for program operating costs related to public health education. Salaries and fringe benefits paid during the year amounted to $208,860. At year-end, an additional $16,300 of salaries and fringe benefits were accrued. A donor pledged $103,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,560. Office equipment was purchased for $12,300. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,900 was donated by a local office supply…
INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. A business donated rent-free office space to the organization that would normally rent for $35,000 a year. A fund drive raised $185,000 in cash and $100,000 in pledges that will be paid next year. A state government grant of $150,000 was received for program operating costs related to public health education. Salaries and fringe benefits paid during the year amounted to $208,560. At year-end, an additional $16,000 of salaries and fringe benefits were accrued. A donor pledged $100,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,260. Office equipment was purchased for $12,000. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $9,600 was donated by a local office supply…
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 103,000 Accounts receivable $ 25,800 Accrued interest payable 28,900 Accumulated depreciation 46,500 Administrative and selling expenses 48,500 Allowance for uncollectible accounts 12,400 Capital assets 707,000 Cash 90,200 Charges for sales and services 553,000 Cost of sales and services 495,000 Depreciation expense 46,500 Due from General Fund 17,100 Interest expense 40,200 Interest revenue 4,300 Transfer in from General Fund 115,200 Bank note payable 625,300 Supplies inventory 18,300 Totals $ 1,488,600 $ 1,488,600…

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