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Assume Emmons College, a private, nonprofit liberal arts college collects room and board charges of $12,000,000 for the upcoming semester, $8,000,000 for housing, and $4,000,000.
Assume Emmons College, a private, nonprofit liberal arts college collects room and board charges of $12,000,000 for the upcoming semester, $8,000,000 for housing, and $4,000,000. The College provides housing and meal plans evenly over the four months of the semester.
Each month the following entry would be made to recognize revenue
Record original journal entry to account for auxiliary services revenue and subsequent months
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