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Accounting for Tuition and Fees Revenue At the beginning of the fall semester, Beaty State...

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Accounting

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.
Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amounts), debits first.
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.
How would the journal entry in #1 differ for a private, nonprofit university?
There would be no differences other than categorization of revenue as unrestricted.
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