Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer the following with an explantion/ show work Eastern University had the following transactions at the beginning of its academic year. 1. Student tuition

please answer the following with an explantion/ show work
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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, Complete this question by entering your answers in the tabs below. Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university (if no entry required for a transaction/event, select "No Journal Entry Required in the first account Meld.) View transaction list Journal entry worksheet > 1 2 3 4 5 Record the student tuition and fees receivable. Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a public university. (ur entry is transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the student tuition and fees receivable. Note: Enter debits before credits Transaction 10 General Journal Debit Credit Record entry Clear entry View general Journal Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a public university. (if na entry is transaction/event, select "No Joumal Entry Required" in the first account feld.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the student tuition and fees collected. Note: Enter debits before credits. Transaction 16 General Journal Debit Credit Record entry Clear entry Vlow general Journal Public Private University University Prepare journal entries to record the above transactions assuming Eastern University is a public university. (If no entry is transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 Pell Grants in the amount of $2,018,000 were received by the university. Note: Enter debits before credits Transaction 02 General Journal Debit Credit Record entry Clear entry View general Journal Public University Private University Prepare journal entries to record the above transactions assuming Eastern University is a public university. (If no entry is transaction/event, select "No Joumal Entry Required in the first account field.) View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effective Auditing The Simple Systems Series Book 5

Authors: Jennie Clark CQP

1st Edition

B09YHJR18Y, 979-8802614082

More Books

Students also viewed these Accounting questions

Question

The nature and importance of the global marketplace.

Answered: 1 week ago