123.Ballard University, a private not-for-profit, billed four students for tuition and fees each in the amount of $ 8,000 each for fall semester. The University estimates 25% of tuition and fees will prove to be uncollectible. The University collected $ 10,000 as follows:
Student A paid the full amount billed
$ 8,000
Student B was on an assistantship and received a tuition and fee waiver. He is required to work 14 hours a week for one of the University’s faculty.
1,000
Student C received a scholarship through the Graduate School based on her high test scores. The scholarship waives most tuition and fees and does not require the student to work.
Student D paid repeatedly with checks that later proved to be without sufficient funds. After the end of the semester, the student reportedly joined a circus and the University could find no forwarding address.
0
Total
$ 10,000
Required: Prepare the journal entries to record the billing and subsequent collection or write-off for the transactions listed above.
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