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Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,050,000. Of that amount $4,550,000 was collected in cash. 2. Pell Grants in the amount of $2,005,000 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 $490,000. 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the above transactions assuming Eastern University is a public university. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter deDits berore credits. Southeastern College began the year with endowment investments of $1,310,000 and $790,000 of restricted cash designated by a donor for capital additions. 1. During the year an additional $510,000 donation was received for capital additions. These funds together with those contributed ir the prior year were used to purchase 150 acres of land adjacent to the university. 2. An alum contributed $290,000 to the permanent endowment and pledged to provide an additional $510,000 early next year. The cash was immediately invested. 3. By terms of the endowment agreement, interest and dividends received on the investments are restricted for scholarships. Gains o losses from changes in the fair value of the investments, however, are not distributed but remain in the endowment. During the yea $59,000 of interest and dividend were received on endowment investments. 4. At year-end, the fair value of the investments had increased by $7,900. Required: Prepare journal entries to record the above transactions assuming: a. Southeastern College is a public university. b. Southeastern College is a private university. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the above transactions assuming Southeastern College is a public university. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entrv worksheet ivule. Ileei bevis veivie cienis

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