Eastern University had the following transactions at the beginning of its academic year: ...
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Accounting
Eastern University had the following transactions at the beginning of its academic year:
Student tuition and fees were billed in the amount of $7,210,000. Of that amount $4,650,000 was collected in cash.
Pell Grants in the amount of $2,015,000 were received by the university.
The Pell Grants were applied to student accounts.
Student scholarships, for which no services were required, amounted to $630,000. These were applied to student tuition bills at the beginning of each semester.
Required: Prepare journal entries to record the above transactions assuming: a. Eastern University is a public university. b. Eastern University is a private university.
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