FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Eastern Universty had the following transactions at the beginning of its academic year:

1. Student tuition and fees were billed in the amount of $7,370,000 , Or that amount $4,730,000 was collected in cash
2. Pell Grants in the amount of $2,023,000 were received by the university
3. The Pell Grants were applied to student accounts
4 Student ocholarships, for which no services were requited amounted to $790,000. These were applied to sudent 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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