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

Student tuition and fees were billed in the amount of $7,050,000. Of that amount, $4,550,000 was collected in cash.

Pell Grants in the amount of $2,005,000 were received by the university.

The Pell Grants were applied to student accounts.

Student scholarships, for which no services were required, amounted to $490,000. 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.