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In the current year, Generous University awarded scholarships to graduate students in the amount of...

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Accounting

In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000. The recipients are not required to provide any services in return for the scholarships. How should the university record the award?

Scholarship expense $5,000,000

Accounts payable $5,000,000

Tuition deductionsunrestricted student aid $5,000,000

Accounts receivable $5,000,000

Scholarship expense $5,000,000

Accounts receivable $5,000,000

Tuition deductionsunrestricted student aid $5,000,000

Accounts payable $5,000,000

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