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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

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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Subject: acounting 

Accounting for Tuition and Fees Revenue 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 Credit 0 0 0 0 0x 0x 0x 0x Credit 0x 0x 0x 0x
Transcribed Image Text:Accounting for Tuition and Fees Revenue 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 Credit 0 0 0 0 0x 0x 0x 0x Credit 0x 0x 0x 0x
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