Business, 18.11.2019 23:31 Kazya4

Eastern university had the following transactions at the beginning of its academic year:
student tuition and fees were billed in the amount of $7,070,000. of that amount, $4,570,000 was collected in cash.
pell grants in the amount of $2,007,000 were received by the university.
the pell grants were applied to student accounts.
student scholarships, for which no services were required, amounted to $510,000. these were applied to student tuition bills at the beginning of each semester

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