Question

public university reporting as 5. Miami University, a public university, has chosen to report as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2016 in the amount of $3,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2017. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): a Deferred revenues related to unearned revenues for the summer session, which ended in August 2016. 1. During the fiscal year ended June 30, 2017, student tuition and fees were assessed in the amount of $78,000,000. Of that amount, $51,000,000 was collected in cash. Also, of that amount, $3,300,000 pertained to that portion of the 2017 summer session that took place after June 30, 2017. 2. S Student scholarships, for which no services were required, amounted to $2,100,000. Students applied these scholarships to their tuition bills at the beginning of the fall and spring semesters. 3. Student assistantships and work-study stipends, for which services were required, amounted to $3,500,000 and were to their tuition bills. These all relate to institutional support. 4. Auxiliary enterprise revenues amounted to $11,900,000 (received in cash). 5. The state appropriation for operations was received in the amount of $35,000,000. 6. Pell Grants in the amount of$ 20,000,000 were received. 7. The Pell Grants were applied to student accounts receivable. 8.

Answer 1

SOLUTION:

Date	Particulars	Debit	Credit
1	Deferred Revenues	3,000,000
	Operating Revenues-Student Tuition and Fees		3,000,000
2	Accounts Receivable	78,000,000
	Operating Revenues-Student Tuition and Fees		78,000,000
	Cash	51,000,000
	Accounts Receivable		51,000,000
	Operating Revenues-Student Tuition and Fees	3,300,000
	Deferred Revenues		3,300,000
3	Operating Revenue Deduction-Scholarship Allowances	2,100,000
	Accounts Receivable		2,100,000
4	Scholarships and Fellowships Expense	3,500,000
	Accounts Receivable		3,500,000
5	Cash	11,900,000
	Operating Revenues-Auxiliary Enterprise Revenue		11,900,000
6	Cash	35,000,000
	Nonoperating Revenues-State Appropriation for Operations		35,000,000
7	Cash	20,000,000
	Nonoperating Revenues-Pell grants		20,000,000
8	Student Financial Aid (Operating Contra-Revenue)	20,000,000
	Accounts Receivable		20,000,000