Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7.110.000. Of that amount $4.600,000 was collected in cash. 2. Pell Grants in the amount of $2,010,000 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 $530,000. 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. X Record the student tuition and fees receivable. 2 Record the student tuition and fees collected. 3 Pell Grants in the amount of $2,010,000 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 $530,000. These were applied to student tuition bills at the beginning of each semester