For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee...

 

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For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account To record initial receipt of housing and dining revenues. To record the recognition of revenue-first installment To record the recognition of revenue: second installment To record the recognition of revenue-third installment To record the recognition of revenue-fourth installment >> > > > > > > >>> Debit Credit For its fall semester, Lee University, a private, nonprofit university had the following transactions: 1. Lee University receives $1,600,000 prior to the start of the semester for housing and dining services to be provided over the course of the semester. Assume $1,200,000 is for housing and $400,000 is for dining. 2. Based on contracts it has for its housing and dining services, Lee University recognizes revenue in four equal installments. Record the journal entries for the initial receipt of the $1,600,000 and for the recognition of revenue in four installments. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account To record initial receipt of housing and dining revenues. To record the recognition of revenue-first installment To record the recognition of revenue: second installment To record the recognition of revenue-third installment To record the recognition of revenue-fourth installment >> > > > > > > >>> Debit Credit