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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
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
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