What is the journal entry on June 1 for Northern?
A.$\begin{array}{lcc}
\text {Cash and Cash Equivalents } & 2,400,000& \
\text { Operating Revenues-Student Tuition and Fees } & &2,400,000
\end{array}$

B.$\begin{array}{lcc}
\text {Cash and Cash Equivalents } & 2,400,000& \
\text { Deferred revenue } & &2,400,000
\end{array}$

C.$\begin{array}{lcc}
\text { Cash and Cash Equivalents } & 800,000 \
\text { Cash and Cash Equivalents, Reserved } & 1,600,000 & \
\text { Operating Revenues-Student Tuition and Fees } && 800,000 \
\text { Deferred Revenues-Student Tuition and Fees } & &1,600,000
\end{array}$

D.$\begin{array}{lc}
\text { Cash and Cash Equivalents } & 2,400,000 \
\text { Operating Revenues-Student Tuition and Fees } && 800,000 \
\text { Deferred Revenues-Student Tuition and Fees } && 1,600,000
\end{array}$

Question

What is the journal entry on June 1 for Northern? 
A.$\begin{array}{lcc}
\text {Cash and Cash Equivalents } & 2,400,000& \
\text { Operating Revenues-Student Tuition and Fees  } & &2,400,000
\end{array}$

B.$\begin{array}{lcc}
\text {Cash and Cash Equivalents } & 2,400,000& \
\text { Deferred revenue } & &2,400,000
\end{array}$

C.$\begin{array}{lcc}
\text { Cash and Cash Equivalents } & 800,000 \
\text { Cash and Cash Equivalents, Reserved } & 1,600,000 & \
\text { Operating Revenues-Student Tuition and Fees } && 800,000 \
\text { Deferred Revenues-Student Tuition and Fees } & &1,600,000
\end{array}$

D.$\begin{array}{lc}
\text { Cash and Cash Equivalents } & 2,400,000 \
\text { Operating Revenues-Student Tuition and Fees } && 800,000 \
\text { Deferred Revenues-Student Tuition and Fees } && 1,600,000
\end{array}$

Quizplus · Accepted Answer

The journal entry reflects that $2,400,000 was received, with $800,000 recognized as current revenue and $1,600,000 as deferred revenue, indicating that part of the tuition and fees are for future periods.