Tuition and fees for Northern University were assessed at $22,000,000 $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000. What is the journal entry to record the scholarship allowances? Multiple Choice Not recorded because it was deducted from tuition revenue before revenue it was recorded. Operating Revenue Deduction-Scholarship Allowances Accounts Receivable. Operating Revenue Deduction-Scholarship Allowances Deferred Revenues Scholarships and Fellowships Expense Accounts Receivable 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000

Tuition and fees for Northern University were assessed at $22,000,000 $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000. What is the journal entry to record the scholarship allowances? Multiple Choice Not recorded because it was deducted from tuition revenue before revenue it was recorded. Operating Revenue Deduction-Scholarship Allowances Accounts Receivable. Operating Revenue Deduction-Scholarship Allowances Deferred Revenues Scholarships and Fellowships Expense Accounts Receivable 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2BCRQ

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A non-profit university assessed its students P2,000,000 in tuitions and fees for the semester. Compute for the net revenues from tuitions and fees given the following additional information: Scholarships granted to academic scholars 100,000 Scholarships granted to faculty members in post-graduate programs 60,000 Refunds of class cancellations and withdrawal of enrolment 40,000 Estimated uncollectible amounts 160,000 Scholarships granted to student assistants 240,000 Scholarships granted to dependents of faculty members 120,000
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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