Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,110,000. Of that amount, $4,600,000 was collected in cash.

1. Pell Grants in the amount of $2,010,000 were received by the university.
2. The Pell Grants were applied to student accounts.
3. 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.

1. 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.

b. Eastern University is a 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 $2,010,000 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.