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The New City College reported deferred revenues of $ 4 9 7 , 0 0 0 as of July 1 , 2 0 1 9
The New City College reported deferred revenues of $ as of July 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
The deferred revenues related to unearned revenues for the summer session, which ended in August.
During the fiscal year ended June student tuition and fees were assessed in the amount of $ Of that amount $ was collected in cash. Also of that amount, $ pertained to that portion of the summer session that took place after June
Student scholarships, for which no services were required, amounted to $ 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 $ These were applied to student tuition bills at the beginning of each semester.
The college incurred $ of qualified expenditures under a costreimbursement grant from the Department of Agriculture.
By yearend, $ had been received by the Department of Agriculture on the grant.
If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
The deferred revenues related to unearned revenues for the summer session, which ended in August.
Note: Enter debits before credits.
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