40 : costAccountingstudy material

Eastern University had the following transactions at the beginning of its academic year:

Student tuition and fees were billed in the amount of $7,050,000. Of that amount, $4,550,000 was collected in cash.

Pell Grants in the amount of $2,005,000 were received by the university.

The Pell Grants were applied to student accounts.

Student scholarships, for which no services were required, amounted to $490,000. These were applied to student tuition bills at the beginning of each semester.

Required:
Prepare journal entries to record the above transactions assuming:
a. Eastern University is a public university.
b. Eastern University is a private university.

Exercise 11-7

Eastern University had the following transactions at the beginning of its academic year:

1- Student tuition and fees were billed in the amount of $7,010,000. Of that amount, $4,520,000 was collected in cash.

2- Pell Grants in the amount of $2,002,000 were received by the university.

3- The Pell Grants were applied to student accounts.

Student scholarships, for which no services were required, amounted to $460,000. These were applied to student tuition bills at the beginning of each semester.

Required:
Prepare journal entries to record the above transactions assuming:
a. Eastern University is a public university.

b. Eastern University is a private university.

Kenton and Denton Universities offer executive training courses to corporate clients. Kenton pays its instructors $5,700 per course taught. Denton pays its instructors $300 per student enrolled in the class. Both universities charge executives a $343 tuition fee per course attended.

Required

Prepare income statements for Kenton and Denton, assuming that 19 students attend a course.

Kenton University embarks on a strategy to entice students from Denton University by lowering its tuition to $223 per course. Prepare an income statement for Kenton assuming that the university is successful and enrolls 36 students in its course.

Denton University embarks on a strategy to entice students from Kenton University by lowering its tuition to $223 per course. Prepare an income statement for Denton, assuming that the university is successful and enrolls 36 students in its course.

Prepare income statements for Kenton and Denton Universities, assuming that 13 students attend a course, and assuming that both universities charge executives a $343 tuition fee per course attended.

Prepare income statements for Kenton and Denton, assuming that 19 students attend a course.

Kenton University embarks on a strategy to entice students from Denton University by lowering its tuition to $223 per course. Prepare an income statement for Kenton assuming that the university is successful and enrolls 36 students in its course.

Denton University embarks on a strategy to entice students from Kenton University by lowering its tuition to $223 per course. Prepare an income statement for Denton, assuming that the university is successful and enrolls 36 students in its course.

Prepare income statements for Kenton and Denton Universities, assuming that 13 students attend a course, and assuming that both universities charge executives a $343 tuition fee per course attended.