The Following Data Applies to the Next Two Questions

question 4

Multiple Choice

The following data applies to the next two questions.
•Northern University has a fiscal year end of June 30.
•In June 2015, tuition and fees of $1,200,000 was assessed for the summer term that runs from June 1, 2015 through August 31, 2015. $1,200,000 was collected on June 1, 2015.
-What is the journal entry on June 1 for Northern?

• A) Cash and Cash Equivalents 1,200,000 Operating Revenues-Student Tuition and Fees 400,000
• Deferred Revenues-Student Tuition and Fees 800,000
• B) Cash and Cash Equivalents 400,000 Cash and Cash Equivalents, Reserved 800,000
• Operating Revenues-Student Tuition and Fees 400,000
• Deferred Revenues-Student Tuition and Fees 800,000
• C) Cash and Cash Equivalents 1,200,000 Operating Revenues-Student Tuition and Fees 1,200,000
• D) Cash and Cash Equivalents 1,200,000 Deferred revenue 1,200,000

Recognize the characteristics of useful information outputs from an accounting system.

Identify the principles of developing an effective accounting information system.

Understand the importance and process of journal entries in accounting.

Grasp the concept and purpose of a general ledger and subsidiary ledgers.

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Definitions:

Coercive Power

The power or ability to force someone to do something against their will, often using threats or punishment.

Decrement In Salary

A reduction or decrease in the amount of salary or wages paid to an employee.

Relationships With Boss

The dynamic and interaction between an employee and their supervisor, which can significantly impact job satisfaction and productivity.

Job Content

Pertains to the specific tasks, responsibilities, and functions associated with a particular job or position.