Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,450 each for fall semester. The University estimates 20% of tuition and fees will prove to be uncollectible. The University collected $ 9,422 as follows: Required: Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above.

Question

Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,450 each for fall semester. The University estimates 20% of tuition and fees will prove to be uncollectible. The University collected $ 9,422 as follows:  Required: Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above.

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The Answer of Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,450 each for fall semester. The University estimates 20% of tuition and fees will prove to be uncollectible. The University collected $ 9,422 as follows:  Required: Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above.

Ballard University, a Private Not-For-Profit, Billed Four Students for Tuition