Prepare the necessary journal entries to record each of the following transactions of Dewey County College. 1.
Question:
1. Tuition and fees charged for the fall 20X8 semester totaled $3,700,000; $100,000 of this amount was waived as a result of scholarships and fee waivers, and $12,000 more is expected to be uncollectible.
2. For the winter 20X9 semester Dewey College levied a general student fee of $18,000. The full amount of this fee is restricted for the purchase of computer equipment and software needed to expand research labs at the college.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
1 Accounts Receivable 3700000 Revenues x Tuition and Fees 3700000 To record tuition Revenue ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Apr. 1 Sold merchandise for...
-
Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system. Mar. 5 Purchased 500 units of...
-
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Mar. 5 Purchased 500...
-
Determine the vector A-C, given the vectors A and C in the figure. (Figure 1) Figure B (B=26.5) 56.0% (A = 44.0) 28.0 C(C= 31.0) 1 of 1 Determine the magnitude of the vector A - . Express your...
-
The proportionality constant k in Coulomb's law is huge in ordinary units, whereas the proportionality constant G in Newton's law of gravitation is tiny. What does this indicate about the relative...
-
Water at $70^{\circ} \mathrm{F}$ is flowing in a film down outside a $4 \mathrm{in}$. ID vertical tube at a rate of $1 \mathrm{gpm}$. What is the thickness of the film?
-
For each of the following situations, calculate the \(z\)-statistic \((z)\), make a decision about the null hypothesis (reject, do not reject), and indicate the level of significance \((p>.05, p
-
Kleppel et al. (2004) report on a study of wetlands in upstate NewYork. Four wetlands were selected for the study: Two of the wetlands drain watersheds from small towns and the other two drain...
-
A company's stock had a required return of 11.50% last year, when the risk-free rate was 5.50% and the market risk premium was 7.45%. Now, suppose there is a shift in investor risk aversion, and the...
-
The management of Kunkel Company is considering the purchase of a $40,000 machine that would reduce operating costs by $7,000 per year. At the end of the machines eight-year useful life, it will have...
-
Multiple Choice Questions Identify the best answer for each of the following: 1. GASB Statement No. 35 requires that government colleges and universities engaged solely in business-type activities...
-
Prepare the journal entries required for Rocco State University to record the following transactions. 1. Tuition and fees assessed total $3,000,00080% is collected, scholarships are granted for...
-
Georgia, a widow, has take-home pay of $1,200 a week. Her disability insurance coverage replaces 70 percent of her earnings after a four-week waiting period. What amount would she receive in...
-
An object moving along the \(x\)-axis experiences a constant force in its direction of motion, \(F_{x}=56 \mathrm{~N}\). At \(t=1.2 \mathrm{~s}\), the object is moving at \(2.0 \mathrm{~m} /...
-
A solution with oxygen dissolved in water containing $0.5 \mathrm{mg} \mathrm{\textrm {O } _ { 2 }} / 100 \mathrm{~g}$ of $\mathrm{H}_{2} \mathrm{O}$ is brought in contact with a large volume of...
-
The following table gives the price of Charleston Corporations stock under different economic conditions: (a) Sketch a relative frequency diagram for Charlestons stock. (b) Calculate the mean and...
-
In the spring of 2020, at the beginning of the Covid19 pandemic, farmers who sold their output to restaurants and to firms that purchase farm output from farmers and then sell the output to...
-
For a system in which component $\mathrm{A}$ is transferring from the gas phase to the liquid phase, the equilibrium relation is given by $p_{A, i}=0.80 x_{A, i}$ where $p_{A, i}$ is the equilibrium...
-
Write (a) The electron configuration of mercury, and (b) An orbital diagram for the electron configuration of tin.
-
The figure shows six containers, each of which is filled from the top. Assume that water is poured into the containers at a constant rate and each container is filled in 10 seconds. Assume also that...
-
The term structure of interest rates is the relationship between yield to maturity and time to maturity. A graph with the yield to maturity on the vertical axis and the time to maturity on the...
-
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a....
-
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity: 1. Cash...
-
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity: 1. Cash...
-
The Big Beaver Company is trying to choose between the following two mutually exclusive projects: Cash Flow (A) Cash Flow (B) Year 0 -$15,000 -$2,000 1 8,500 2,500 2 8,500 2,500 3 8,500 2,500 A. If...
-
The following is a list of items that could be included in the intangible assets section of the balance sheet. (a) Indicate which items on the list below would generally be reported as intangible...
-
How does organizational culture intersect with broader societal norms, values, and trends, and what challenges and opportunities does this present for fostering inclusivity, diversity, and ethical...
Study smarter with the SolutionInn App