Tuition and Fees for Northern University Were Assessed at $22,000,000

question 27

Short Answer

Tuition and fees for Northern University were assessed at $22,000,000. $ 1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $ 1,000,000.
-What is the journal entry to record tuition revenue?

Analyze transactions for proper accounting treatment and recognize warning signs of irregular activities.

Calculate the beginning and ending cash balances based on given data.

Understand the role of supporting documents in maintaining internal controls.

Understand the concept and management of petty cash, including establishment, replenishment, and controls to minimize risks.

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Definitions:

Individual Choice

The decision by an individual of what to do, which necessarily involves a decision of what not to do.

Government Announces

Official statements made by government officials or agencies about plans, policies, or other important information.

Allowance

A fixed amount of money allotted on a regular basis, typically for a specific purpose.

Individual Choices

Decisions made by individuals based on their preferences and constraints.