Student Scholarships for Which No Service Was Required Were Applied

question 28

Essay

Student scholarships for which no service was required were applied to student accounts in the amount of $3,000.What is the journal entry to record this event?
A) Debit: Tuition discount-Unrestricted-Student aid $3,000 Credit: Accounts Receivable $3,000.
B) Debit: Scholarship Expense $3,000 Credit: Accounts Receivable $3,000.
C) Debit: Tuition waiver $3,000 Credit: Loan to student $3,000.
D) None of the above.

• A) Debit: Tuition discount-Unrestricted-Student aid $3,000 Credit: Accounts Receivable $3,000.
• B) Debit: Scholarship Expense $3,000 Credit: Accounts Receivable $3,000.
• C) Debit: Tuition waiver $3,000 Credit: Loan to student $3,000.
• D) None of the above.

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Definitions:

Employers

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