The New City College reported deferred revenues of $$513,000$ as of July $1,$

$2019,$ 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 $30,2020.$

$1.$The deferred revenues related to unearned revenues for the summer

session, which ended in August.

$2.$During the fiscal year ended June $30,2020,$ student tuition and fees were

assessed in the amount of $$12,200,000.$ Of that amount $$9,670,000$ was

collected in cash. Also of that amount, $$570,000$ pertained to that portion of the

summer session that took place after June $30,2020.$

$3.$Student scholarships, for which no services were required, amounted to

$$831,000.$ These scholarships were applied to student tuition bills at the

beginning of each semester.

$4.$Student scholarships and fellowships for which services were required

$($graduate research assistantships$)$ amounted to $$761,000.$ These were applied

to student tuition bills at the beginning of each semester.

The college incurred $$220,000$ of qualified expenditures under a cost$-$

reimbursement grant from the Department of Agriculture.

By year$-$end, $$200,000$ had been received by the Department of Agriculture

on the grant.