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22 January, 08:10

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

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  1. 22 January, 08:22
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    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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Home » Business » Centre College, a private liberal arts college in Central Kentucky, charged (billed) tuition and fees of $50,000 based on the registration of students; Centre provided scholarships of $12,000 to the registered students.
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