8. Prepare journal entries to account for the following transactions for Dyer University, a public university which operates on a semester schedule. a. b. The University bills tuition and fee revenue for the upcoming semester beginning September 1. The gross amount is $15,000,000. Of this amount, the University has awarded $2,250,000 in scholarships, and it expects $750,000 will not be collected. C. e. On July 1, the first day of its fiscal year, the University receives notification that it will be awarded $7,200,000 in operating appropriations from the State. With the notification, the University received 1/4 of the award, $1,800,000. f. g. d. For each of the three remaining quarters, the University collects appropriations from the State. Each month of the four-month semester, the University recognizes housing and meal plan revenue. The University collects room and board charges of $5,000,000. Of this amount, $3,000,000 is for housing and $2,000,000 is for meal plans, with both services provided evenly over the four-month semester. The University collects $11,750,000 of the tuition and fee revenue billed in b. above. For the fiscal year, the University incurred and paid expenses for the following: (1) salaries and benefits $16,000,000, (2) supplies $1,000,000, and (3) facilities and maintenance $3,600,000. h. For the fiscal year, the University incurred depreciation expense of $1,600,000.

f. 8. Prepare journal entries to account for the following transactions for Dyer University, a public university which operates on a semester schedule. a. On July 1, the first day of its fiscal year, the University receives notification that it will be awarded $7,200,000 in operating appropriations from the State. With the notification, the University received 1/4 of the award, $1,800,000. b. The University bills tuition and fee revenue for the upcoming semester beginning September 1. The gross amount is $15,000,000. Of this amount, the University has awarded $2,250,000 in scholarships, and it expects $750,000 will not be collected. c. The University collects room and board charges of $5,000,000. Of this amount, $3,000,000 is for housing and $2,000,000 is for meal plans, with both services provided evenly over the four-month semester. d. For each of the three remaining quarters, the University collects appropriations from the State. e. Each month of the four-month semester, the University recognizes housing and meal plan revenue. The University collects $11,750,000 of the tuition and fee revenue billed in b. above. g. For the fiscal year, the University incurred and paid expenses for the following: (1) salaries and benefits $16,000,000, (2) supplies $1,000,000, and (3) facilities and maintenance $3,600,000. h. For the fiscal year, the University incurred depreciation expense of $1,600,000.