Exercise 9-7 (Algo) Calculate earned revenues LO 9-1 Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 7 through July 26. Total tuition paid by students for the summer session amounted to $131,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. b. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? a. Amount of revenue b. Would there be a change in the revenue reflected? $ No A 61,489

Exercise 9-7 (Algo) Calculate earned revenues LO 9-1 Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 7 through July 26. Total tuition paid by students for the summer session amounted to $131,000. Required: a. How much revenue should be reflected in the fiscal year ended June 30, 2022? Note: Do not round intermediate calculations. b. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes? a. Amount of revenue b. Would there be a change in the revenue reflected? $ No A 61,489

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 1 – Smith College has a fiscal year end of 6/30/22 and runs summer session classes from 6/1/22 to 8/31/22. The following are selected transactions of Smith College; 6/1/22 Smith College collects $300,000 tuition for the 2022 summer session 6/1/22 Smith College collects $1,000,000 tuition for the Fall 2022 semester 6/1/22 to 6/30/22 Smith College pays $2,000 to faculty teaching in the summer session 7/1/22 to 8/31/21 Smith College pays $4,000 to faculty teaching in the summer session Required: Prepare the journal entries for the above transactions assuming Smith College is a private sector not for profit college Prepare the journal entries for the above transactions assuming Smith College is a State college
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