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sladkih [1.3K]
2 years ago
13

Centre College, a private liberal arts college in Central Kentucky, charged (billed) tuition and fees of $50,000 based on the re

gistration of students; Centre provided scholarships of $12,000 to the registered students. The entry to bill the tuition and fees and scholarships would include a: A. Debit to Tuition and Fees, $50,000. B. Debit to Tuition Discounts and Allowances, $12,000. C. Credit to Tuition and Fees, $38,000. D. Credit to Tuition Discounts and Allowances, $14,000.
Business
1 answer:
Anuta_ua [19.1K]2 years ago
4 0

Answer: B. Debit to Tuition Discounts and Allowances, $12,000.

Explanation:

A scholarship is considered a discount so should be recorded as one. When recording a discount, it is debited to its own account which in this case will be the Tuition Discounts and Allowances account.

The full entries are,

DR Cash (50,000 - 12,000) $38,000

DR Tuition Discounts and Allowances $12,000

CR Tuition and Fees $50,000

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Jazz Corporation owns 50% of the Williams Corp. Stock. Williams distributed a $10,000 dividend to Jazz Corporation. Jazz Corp.'s
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Answer:

$6,500

Explanation:

Calculation for the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp

Based on the information given we were told that the Jazz's Corporation owns part of Williams Corp. stock which is 50% in which Williams Corp. stock distributed the amount of $10,000 dividend to Jazz Corporation which means that Jazz Corporation share in Williams stock is higher than 20% and as well lower than 80% based on this Jazz Corp.'s will be entitled to dividend received deduction of 65% calculated as:

Dividends received deduction =$10,000 × 65%

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Therefore the amount of Jazz's dividends received deduction on the dividend it received from Williams Corp will be $6,500

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On January 1, 2017, Whitefeather Industries issued 300, $1,000 face value bonds. The bonds have a five-year life and pay interes
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Answer:

$15000

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