Required:

The New City College reported deferred revenues of $$507,000$ as of July $1,2023,$ the first day of its fiscal year. Record the following transactions related to student tuition and fees and related scholarship allowances for New City College for the year ended June $30,2024.$

The deferred revenues related to unearned revenues for the summer session, which ended in August.

During the fiscal year ended June $30,2024,$ student tuition and fees were assessed in the amount of $$12,170,000.$ Of that amount, $$9,667,000$ was collected in cash. Also, of that amount, $$564,000$ pertained to that portion of the summer session that took place after June $30,2024.$

Student scholarships, for which no services were required, amounted to $$828,000.$ These scholarships were applied to student tuition bills at the beginning of each semester.

Student scholarships and fellowships for which services were required $($graduate research assistantships$)$ amounted to $$755,000.$ These were applied to student tuition bills at the beginning of each semester.

The college incurred $$217,000$ of qualified expenditures under a cost$-$reimbursement grant from the Department of Agriculture.

By year$-$end, $$197,000$ had been received by the Department of Agriculture on the grant.

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

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$H$

The deferred revenues related to unearned revenues for the summer session, which ended in August.

Note: Enter debits before credits.

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