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.

Possible Journal Entries:

• No Journal Entry Required
• Cash
• Due to Student Accounts
• Nonoperating RevenuePell Grants
• Operating RevenueTuition and Fees
• Student Accounts Receivable
• Student Financial Aid