The following information applies to the next three questions:
Tuition and fees for the Northern University was assessed at $21,000,000. Scholarship allowances, for which no services are required, were $1,700,000 and graduate assistantships, for which services are required, were $900,000.
-What is the journal entry to record the graduate assistantships?
A) Not recorded because it was deducted from tuition revenue before revenue it was recorded

Question

The following information applies to the next three questions:
Tuition and fees for the Northern University was assessed at $21,000,000. Scholarship allowances, for which no services are required, were $1,700,000 and graduate assistantships, for which services are required, were $900,000.
-What is the journal entry to record the graduate assistantships? 
A) Not recorded because it was deducted from tuition revenue before revenue it was recorded

Quizplus · Accepted Answer

The journal entry to record graduate assistantships would be a debit to Graduate Assistantship Expense for $900,000 and a credit to Tuition and Fees Revenue for $900,000.

The Following Information Applies to the Next Three Questions