Accounting for Tuition and Fees Revenue At the beginning of the fall semester, Beaty State University, a public university, billed tuition and fees at a gross amount of $4,800,000. Of this amount, the University awarded scholarships of $250,000 and $50,000 was believed to be uncollectible. The University also offered a generous tuition discount for the dependents of its employees. An additional $300,000 of the gross amount was awarded as employer-provided tuition discounts. 1. Record the journal entry for the billing described above. Enter accounts in order of magnitude (largest to smallest amo Debit Credit Account Tuition and fees discounts and allowances Tuition and fees receivable 4,800,000 0 4.800,000 x ox 0 0 2. Assume that the transactions described above were in the summer instead of the fall. The billing was on June 25, fiscal year end is June 30, and the semester does not begin until July 15. Record the journal entry given these assumptions. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Debit Credit Account No debit entry needed No credit entry needed 250,000 50,000 0 x 250,000 x 50,000 50,000 Allowance for uncollectible tuition and fees 0 3. How would the journal entry in #1 differ for a private, nonprofit university? There would be no differences other than categorization of revenue as unrestricted