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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
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