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ease answer the following with an explantion/ show work Eastern University had the following transactions at the beginning of its academic year. 1. Student tuition
ease answer the following with an explantion/ show work
Eastern University had the following transactions at the beginning of its academic year. 1. Student tuition and fees were billed in the amount of $7.270,000. Of that amount $4,680,000 was collected in cash. 2. Pell Grants in the amount of $2,018,000 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 $690,000. 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, Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a private university. (if noen transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the student tuition and fees receivable. Note: Enter debits before credits Transaction General Journal Debit Credit 1a Record entry Clear entry View general Journal Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a private university. (If no entry transaction/event, select "No Joumal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 Record the student tuition and fees collected Note: Enter debits before credits Transaction 1b General Journal Debit Credit Record entry Clear entry View general Journal Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a private university. (If no entry transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet Step by Step Solution
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