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question b XYZ University is a private not-for-profit university that starts the current year with $585,000 in net assets: $28,000 unrestricted, $290,(00 temporarily restricted, and 4 $80,000 permanently restricted. The following transaction occurs during the year. Charged students $290,000 in tuition, 70% of which is expected to be covered by third-party payors. Gave scholarships of 25% of the amount due from the students. Required: Prepare the necessary journal entry (entries) to record the above transaction.

question b XYZ University is a private not-for-profit university that starts the current year with $585,000 in net assets: $28,000 unrestricted, $290,(00 temporarily restricted, and 4 $80,000 permanently restricted. The following transaction occurs during the year. Charged students $290,000 in tuition, 70% of which is expected to be covered by third-party payors. Gave scholarships of 25% of the amount due from the students. Required: Prepare the necessary journal entry (entries) to record the above transaction.

FINANCIAL ACCOUNTING
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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question 6 XYZ University is a private not-for-profit university that starts the current year with $585,000 in net assets: $28,000 unrestricted, $290,(00 temporarily restricted, and $80,000 permanently restricted. The following transaction occurs during the year. Charged students $290,000 in tuition, 70% of which is expected to be covered by third-party payors. Gave scholarships of 25% of the amount due from the students. Required: Prepare the necessary journal entry (entries) to record the above transaction.
Transcribed Image Text:question 6 XYZ University is a private not-for-profit university that starts the current year with $585,000 in net assets: $28,000 unrestricted, $290,(00 temporarily restricted, and $80,000 permanently restricted. The following transaction occurs during the year. Charged students $290,000 in tuition, 70% of which is expected to be covered by third-party payors. Gave scholarships of 25% of the amount due from the students. Required: Prepare the necessary journal entry (entries) to record the above transaction.
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