Landry State University, a public university located in Louisiana, has a June 30 fiscal year. On July 20 of the current year, Landry State University receives $2,125,000 in payments from the U.S. federal government for Pell grants and loans for students for the upcoming academic semester which begins August 1. Record the following transactions. 1. The receipt of funds on July 20. 2. The recognition of revenue on August 1, assuming that amounts are applied to student accounts entirely for tuition and fees revenue. Account Debit Credit Cash 2,125,000 0 Answer Pell grants and loans 0 2,125,000 Answer To record receipt of funds on July 20. Deposits held in custody for others 2,125,000 0 Answer Tuition and fees revenue 0 2,125,000 Answer To record recognition of revenue on August 1.

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To record the transactions 1 Receipt of funds on July 20 Debit Cash 2125000 Credit P... View the full answer