Business, 06.12.2021 18:40 littledogy13

Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,250,000. Of that amount $4,670,000 was collected in cash.
2. Pell Grants in the amount of $2,017,000 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 $670,000. 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

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 22:20

On january 1, jackson, inc.'s work-process inventory account showed a balance of $ 66,500. during the year, materials requisitioned for use in production amounted to $ 70,500, of which $ 67,700 represented direct materials. factory wages for the period were $ 210,000 of which $ 187,000 were for direct labor. manufacturing overhead is allocated on the basis of 60% of direct labor cost. actual overhead was $ 116,050. jobs costing $ 353,060 were completed during the year. the december 31 balance in work-process inventory is

Answers: 1

Answer

Business, 22.06.2019 10:40

You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. recently, you saw that stubhub was listing similar seats for $225 apiece. what does it cost you to attend the concert?

Answers: 1

Answer

Business, 22.06.2019 12:50

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be:

Answers: 2

Answer

Business, 22.06.2019 19:00

12. to produce a textured purée, you would use a/an a. food processor. b. wide-mesh sieve. c. immersion blender d. food mill.

Answers: 1

Answer

You know the right answer?

Eastern University had the following transactions at the beginning of its academic year: 1. Studen...

Questions