Question 16 10 points Save Answer In a particular year, a private not-for-profit higher education institution, University of Spelling, biled four students (Aaron, Brian Dina and Cathy) for tuition and fees each in the amount of $10,000 each for fall semester The University estimates 25% of tuition and fees will prove to be uncollectible The University collected $23,000 as follows: Aaron paid the full amount billed $10,000 Brian was on an assistantship and received a tuition and fee waiver. He is required $5,000 to work 14 hours a week as research assistant in his faculty Dina paid repeatedly with checks that later proved to be without sufficient funds. $0 After the end of the semester, the student reportedly joined America's Got Talent and the University could find no forwarding address Cathy received a scholarship from the university. The scholarship walves most $2.500 kuition and fees and does not require the student to work. Total $17.500 Required: (a) Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above. (7 marks) (b) Elaborate the standards and guidelines to be followed by public colleges and universities. (3 marks) You should copy (Corld and poste (Ctrl the table below into the answer area ond complete with the necessary information for portfol