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

Student tuition and fees were billed in the amount of $7,130,000. Of that amount, $4,610,000 was collected in cash.

Pell Grants in the amount of $2,011,000 were received by the university.

The Pell Grants were applied to student accounts.

Student scholarships, for which no services were required, amounted to $550,000. 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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Public University

1) Record the student tuition and fees receivable.

2) Record the student tuition and fees collected.

3) Pell Grants in the amount of $2,011,000 were received by the university.

4) The Pell Grants were applied to student accounts.

5) Student scholarships, for which no services were required, amounted to $550,000. These were applied to student tuition bills at the beginning of each semester.

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Private University

1) Record the student tuition and fees receivable

2) Record the student tuition and fees collected.

3) Pell Grants in the amount of $2,011,000 were received by the university.

4) The Pell Grants were applied to student accounts.

5) Student scholarships, for which no services were required, amounted to $550,000. These were applied to student tuition bills at the beginning of each semester.