Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,000 each for fall semester. The University estimates 25% of tuition and fees will prove to be uncollectible. The University collected $ 10,000 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 $ 8,000 each for fall semester. The University estimates 25% of tuition and fees will prove to be uncollectible. The University collected $ 10,000 as follows:
  
Required: Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above.

Quizplus · Accepted Answer

The Answer of Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,000 each for fall semester. The University estimates 25% of tuition and fees will prove to be uncollectible. The University collected $ 10,000 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