Tuition and fees for Northern University were assessed at $22,000,000. $ 1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $ 1,000,000.
-What is the journal entry to record the scholarship allowances?

Question

Tuition and fees for Northern University were assessed at $22,000,000.  $ 1,600,000 of the amount due from students was later reduced by need based scholarships.  Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $ 1,000,000.
-What is the journal entry to record the scholarship allowances?

Quizplus · Accepted Answer

The Answer of Tuition and fees for Northern University were assessed at $22,000,000.  $ 1,600,000 of the amount due from students was later reduced by need based scholarships.  Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $ 1,000,000.
-What is the journal entry to record the scholarship allowances?

Tuition and Fees for Northern University Were Assessed at $22,000,000