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 Tuition and fees discounts and allowances Tuition and fees revenue Tuition and fees receivable # Allowance for uncollectible tuition and fees : Account # Tuition and fees revenue # Allowance for uncollectible tuition and fees Debit 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. 4,200,000 600,000 250,000 0 Debit 0 Credit 250,000 0 0 0x 0x 0x 50,000✔ Credit 0x 0x 250,000 x 50,000
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 Tuition and fees discounts and allowances Tuition and fees revenue Tuition and fees receivable # Allowance for uncollectible tuition and fees : Account # Tuition and fees revenue # Allowance for uncollectible tuition and fees Debit 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. 4,200,000 600,000 250,000 0 Debit 0 Credit 250,000 0 0 0x 0x 0x 50,000✔ Credit 0x 0x 250,000 x 50,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Tuition and fees discounts and allowances
Tuition and fees revenue
#
Tuition and fees receivable
#
Allowance for uncollectible tuition and fees :
#
Account
Tuition and fees revenue
#
:
Allowance for uncollectible tuition and fees
Debit
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.
4,200,000
600,000
250,000
0
Debit
Credit
0
250,000
0
0
Credit
0x
0x
0x
50,000
0x
0x
250,000 x
50,000
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