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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:

  1. Student tuition and fees were billed in the amount of $7,010,000. Of that amount, $4,520,000 was collected in cash.
  2. Pell Grants in the amount of $2,002,000 were received by the university.
  3. The Pell Grants were applied to student accounts.
  4. Student scholarships, for which no services were required, amounted to $460,000. 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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