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

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2CPA: Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a 15,000...

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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
At the beginning of the fall semester beauty state university a public university, billed tuition and fees at a gross amount of $4,800,000. of this amount, the university awarded a scholarship 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. 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. How would the journal entries differ? 3. How would the journal entries in #1 differ for a private, nonprofit university?
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For the summer session of 20X1, Armando University (AU), a non-profit organization, assessed its studentsP1,700,000 (net of refunds), covering tuition and fees for educational and general purposes. However, anamount of P1,500,000 was only expected to be realized. It is because P150,000 were granted to students,and P50,000 tuition remissions were allowed to faculty member’s children attending the university. Whatamount should AU include in its unrestricted funds as revenues from tuition fees? PROVIDE JOURNAL ENTRIES
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