Question

Eastern University had the following transactions at the beginning of its academic year:

1. Student tuition and fees were billed in the amount of $7,090,000. Of that amount, $4,580,000 was collected in cash.
2. Pell Grants in the amount of $2,009,000 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 $520,000. 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.
  

Answer 1

Answer" SMD General Jolonal Debit Credit students Accounts receivable $ 7040000 Operating revenue rution & feer $70 40000 Cash studends $ 4$80,000 Accounts Receivable $ 4,58900 Cash $ 2009.000 non-operating revenue -pell grant $200900 Student Financial aid $ 2009000 To students Accounts receivable $2009000 student Financial aid $ 520,000 Student Accounts receivable $ 520,000 Private university Debit Caedit studend Accounts receivable to operating rerence- tutionarees $ 709000 7090000 Cash students $ 4580,00 Accounts receivable 4580,00 Cash $20090w Alc student aue Due to Student 209000 $2009000 To student Accounts receivable 2009 oco

student Financial Aid $ S2000 To students Accounts receivable Alc $ 520,00
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