Received And Deposited Tuition Journal Entry
Journal Entry For Tuition Fess Received / Earned And Deposited Into Bank Here, we will study about, ” Received Tuition Fees, which is an example of Service Revenue Account , by Educational Institutions i.e., Schools, Colleges, Universities, Academies, etc., From Students And Then Deposited Tuition Fees Into The Bank Accounts Of these Educational Institutions” . Tuition Fees Received On Account / On Credit At the start of the accounting period i.e., on 1 st September, 2020, when the educational institution started to provide educational services to students on account of Rs. 50000 and the students did not pay the tuition fees, then a Fees Receivable or Accounts Receivable account is created for school or education institution, as still the payment has not been received from students and it is a Current Asset for school institution. So, from the point view of school, following entry is recorded: (i) (Assuming Accrual Basis of Accounting System ) ...