Question
4. You are the Controller for Dane College, a not-for-profit entity. Based on the events listed below that occurred during the year, you need to
4. You are the Controller for Dane College, a not-for-profit entity. Based on the events listed below that occurred during the year, you need to make the appropriate accounting journal entries for the fiscal year ended June 30, 2021.
a. The College received tuition revenue for the fall semester of 2020 (August - December) totaling $4 million; tuition for the Spring semester of 2021 (January - May) totaled $3.8 million; and tuition for the summer semester of 2021 (June 1-August 15) totals $2 million. The College received all of its tuition in cash.
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
