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Student Scholarships for Which No Service Was Required Amounted to $1,500

Question 91

Multiple Choice

Student scholarships for which no service was required amounted to $1,500. What is the correct journal entry?


A) Debit: Scholarship Expense $1,500 Credit: Accounts Receivable $1,500
B) Debit: Tuition waiver $1,500 Credit: Loan to student $1,500
C) Debit: Tuition discount $1,500 Credit: Accounts Receivable $1,500
D) None of the above

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