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Prepare the necessary journal entry to record transaction

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Reference no: EM132912917

XYZ University is a private not-for-profit university that starts the current year with $585,000 in net assets: S28,000 unrestricted, $290,(00 temporarily restricted, and $80,000 permanently restricted. The following transaction occurs during the year.

Charged students $290,000 in tuition, 70% of which is expected to be covered by third-party payors. Gave scholarships of 25% of the amount due from the students.

Required:

Problem 1: Prepare the necessary journal entry (entries) to record the above transaction.

Reference no: EM132912917

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