College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 11, Problem 8DQ
To determine
Prepare adjusting entry for rent earned.
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Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 10 through July
29. Total tuition paid by students for the summer session amounted to $123,000.
Required:
a. How much revenue should be reflected in the fiscal year ended June 30, 2019?
Amount of revenue
b. Would your answer to part a be any different if the university had a tuition refund policy that no tuition would be refunded after the
end of the third week of summer session classes?
O Yes
O No
Accounting for Auxiliary Services Revenue
For its fall semester, Lee University, a private, nonprofit university had the following
transactions:
1. Lee University receives $1,600,000 prior to the start of the semester for housing and
dining services to be provided over the course of the semester. Assume $1,200,000
is for housing and $400,000 is for dining.
2. Based on contracts it has for its housing and dining services, Lee University recognizes
revenue in four equal installments.
Record the journal entries for the initial receipt of the $1,600,000 and for the
recognition of revenue in four installments.
The New City College reported deferred revenues of $497,000 as of July 1, 2019, 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, 2020.
The deferred revenues related to unearned revenues for the summer session, which ended in August.
During the fiscal year ended June 30, 2020, student tuition and fees were assessed in the amount of $12,120,000. Of that amount $9,662,000 was collected in cash. Also of that amount, $554,000 pertained to that portion of the summer session that took place after June 30, 2020.
Student scholarships, for which no services were required, amounted to $823,000. 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 $745,000. These were applied to student tuition bills at…
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Adjusting Entries Two months (July and August)...
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