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What is the journal entry to record the scholarship allowances

What is the journal entry to record the scholarship allowances?

A)Scholarships and Fellowships Expense1,700,000

Accounts Receivable1,700,000

B)Operating Revenue Deduction –Scholarship

Allowances1,700,000

Accounts Receivable1,700,000

C)Operating Revenue Deduction –Scholarship

Allowances1,700,000

Deferred Revenues1,700,000

D)Not recorded because it was deducted from tuition revenue before revenue it was recorded

91.What is the journal entry to record the graduate assistantships?

A)Not recorded because it was deducted from tuition revenue before revenue it was recorded

B)Assistantships and

Fellowships Expense900,000

Accounts receivable900,000

C)Operating Revenue Deduction –Scholarship

Allowances900,000

Accounts Receivable900,000

D)Operating Revenue Deduction –Scholarship

Allowances900,000

Deferred Revenues900,000

Answer:  B

 

The following data applies to the next two questions.

 

?Northern University has a fiscal year end of June 30.

?In June 2014, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2014 through August 31, 2014.  $1,200,000 was collected on June 1, 2014.

 

92.When is this revenue reportable on the financial statements for Northern?

20142015

A)$ 1,200,000            0

B)$       0              1,200,000

C)$   600,000600,000

D)$   300,000900,000

93.What is the journal entry on June 1 for Northern?

A)Cash and Cash Equivalents 1,200,000

Operating Revenues-Student Tuition and Fees300,000

Deferred Revenues-Student Tuition and Fees900,000

B)Cash and Cash Equivalents    300,000

Cash and Cash Equivalents, Reserved    900,000

Operating Revenues-Student Tuition and Fees300,000

Deferred Revenues-Student Tuition and Fees900,000

C)Cash and Cash Equivalents1,200,000

Operating Revenues-Student Tuition and Fees1,200,000

D)Cash and Cash Equivalents1,200,000

Deferred revenue1,200,000

 

 

94.Northern University received state appropriations as follows:

?Unrestricted general purposes$1,700,000

?Capital outlay, set aside for specific projects  1,300,000

What is the journal entry to record this event?

 

A)Cash and Cash Equivalents1,700,000

Restricted Cash and Cash Equivalents1,300,000

Operating Revenues – State Appropriations1,700,000

Operating Revenues - Capital Appropriations1,300,000

B)Cash and Cash Equivalents3,000,000

Nonoperating Revenues – State Appropriations1,700,000

Capital Appropriations1,300,000

C)Cash and Cash Equivalents3,000,000

Nonoperating Revenues – State Appropriations1,700,000

Nonoperating Revenues-Capital Appropriations1,300,000

D)Cash and Cash Equivalents 1,700,000

Restricted Cash and Cash Equivalents 1,300,000

Nonoperating Revenues – State Appropriations1,700,000

Capital Appropriations1,300,000

 

Jan 25 2020 View more View Less

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