Business, 01.07.2020 16:01 AgarioEdit
Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,150,000. Of that amount $4,620,000 was collected in cash. Pell Grants in the amount of $2,012,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $570,000. 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.
Answers: 1
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Eastern University had the following transactions at the beginning of its academic year: Student tui...
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