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 Account Debit > > > > 0 0 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. Debit 0 oooo Credit 0 0x 0x 0x 0x Credit 0x 0x 0x 0x

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 Account Debit > > > > 0 0 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. Debit 0 oooo Credit 0 0x 0x 0x 0x Credit 0x 0x 0x 0x

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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