What is the journal entry to record the graduate assistantships?

$\begin{array}{lccc}
\text { A. Scholarships and Fellowships Expense } & 900,000 & \
\quad \text { Accounts receivable } & & 900,000 \
\end{array}$

$\begin{array}{lccc}
\text { B. Operating Revenue Deduction -Scholarship } & & \
\quad \text { Allowances } & 900,000 & \
\quad \text { Accounts Receivable } & &900,000 \
\end{array}$

$\begin{array}{lccc}
\text { C. Operating Revenue Deduction -Scholarship } & & \
\quad \text { Allowances } & 900,000 & \
\quad \text { Deferred Revenues } && 900,000 \
\end{array}$
D.Not recorded because it was deducted from tuition revenue before revenue it was recorded

Question

What is the journal entry to record the graduate assistantships?

$\begin{array}{lccc}
  \text { A. Scholarships and Fellowships Expense } & 900,000 & \
\quad \text { Accounts receivable } & & 900,000 \
\end{array}$

$\begin{array}{lccc}
  \text { B. Operating Revenue Deduction -Scholarship } & & \
\quad \text { Allowances } & 900,000 & \
\quad \text { Accounts Receivable } & &900,000 \
\end{array}$

$\begin{array}{lccc}
  \text { C. Operating Revenue Deduction -Scholarship } & & \
\quad \text { Allowances } & 900,000 & \
\quad \text { Deferred Revenues } && 900,000 \
\end{array}$
D.Not recorded because it was deducted from tuition revenue before revenue it was recorded

Quizplus · Accepted Answer

Graduate assistantships are a form of financial aid that is awarded to students who work as teaching or research assistants. The journal entry to record graduate assistantships would be to debit Scholarships and Fellowships Expense and credit Accounts Receivable.