Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash. 2. Pell Grants in the amount of
Eastern University had the following transactions at the beginning of its academic year:
1. Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash.
2. Pell Grants in the amount of $2,000,000 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 $450,000. 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?
1. Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash.
2. Pell Grants in the amount of $2,000,000 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 $450,000. 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?
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a EASTERN UNIVERSITY PUBLIC GENERAL JOURNAL Debits Credits 1 Student Accounts Receiv…View the full answer
Related Book For 
Essentials of Accounting for Governmental and Not for Profit Organizations
ISBN: 978-1259741012
13th edition
Authors: Paul A. Copley
Question Details
Chapter #
11
Section: Questions and Exercises
Problem: 7
Posted Date: April 18, 2017 12:26:31
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