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.

Record the journal entry for the billing described above. Enter accounts in order of magnitude $($largest to smallest amounts$),$ debits first.

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.

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.