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In: Accounting

Eastern University had the following transactions at the beginning of its academic year: Student tuition and...

Eastern University had the following transactions at the beginning of its academic year:

Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash.

Pell Grants in the amount of $2,000,000 were received by the university.

The Pell Grants were applied to student accounts.

Student scholarships, for which no services were required, amounted to $450,000. 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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Expert Solution

ekkarill92 answered 2 years ago
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