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In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000. The recipients are not required to provide any services in return for the scholarships. How
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In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000. The recipients are not required to provide any services in return for the scholarships. How should the university record the award?

User Aurovrata
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Answer and Explanation:

Tuition deductions—unrestricted student aid 5000000

Accounts receivable 5000000

User Andrew Boswell
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