Required: The New City College reported deferred revenues of $493,000 as of July 1, 2023, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2024. The deferred revenues related to unearned revenues for the summer session, which ended in August. During the fiscal year ended June 30, 2024, student tuition and fees were assessed in the amount of $12,100,000. Of that amount, $9,660,000 was collected in cash. Also, of that amount, $550,000 pertained to that portion of the summer session that took place after June 30, 2024. Student scholarships, for which no services were required, amounted to $821,000. These scholarships were applied to student tuition bills at the beginning of each semester. Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $741,000. These were applied to student tuition bills at the beginning of each semester. The college incurred $210,000 of qualified expenditures under a cost-reimbursement grant from the Department of Agriculture. By year-end, $190,000 had been received by the Department of Agriculture on the grant. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 8DQ

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Required:

The New City College reported deferred revenues of $493,000 as of July 1, 2023, the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June 30, 2024.

The deferred revenues related to unearned revenues for the summer session, which ended in August.
During the fiscal year ended June 30, 2024, student tuition and fees were assessed in the amount of $12,100,000. Of that amount, $9,660,000 was collected in cash. Also, of that amount, $550,000 pertained to that portion of the summer session that took place after June 30, 2024.
Student scholarships, for which no services were required, amounted to $821,000. These scholarships were applied to student tuition bills at the beginning of each semester.
Student scholarships and fellowships for which services were required (graduate research assistantships) amounted to $741,000. These were applied to student tuition bills at the beginning of each semester.
The college incurred $210,000 of qualified expenditures under a cost-reimbursement grant from the Department of Agriculture.
By year-end, $190,000 had been received by the Department of Agriculture on the grant.

Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field.

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