Business, 06.12.2021 18:40, littledogy13

Eastern University had the following transactions at the beginning of its academic year: 1. Student tuition and fees were billed in the amount of $7,250,000. Of that amount $4,670,000 was collected in cash.
2. Pell Grants in the amount of $2,017,000 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 $670,000. 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: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:00, elijahcraft3

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Answers: 2

continue

Business, 22.06.2019 16:10, ilovemusicandreading

The brs corporation makes collections on sales according to the following schedule: 30% in month of sale 66% in month following sale 4% in second month following sale the following sales have been budgeted: sales april $ 130,000 may $ 150,000 june $ 140,000 budgeted cash collections in june would be:

Answers: 1

continue

Business, 22.06.2019 17:00, ocean11618

Oliver is the vice president of production at his company and has been managing the launch of new software systems. he worked with a team of individuals who were tasked to create awareness about a specific product and also to approach potential purchasers of the product. which department managers were part of oliver’s team?

Answers: 3

continue

Business, 22.06.2019 22:00, lizdeleon248

Your sister turned 35 today, and she is planning to save $60,000 per year for retirement, with the first deposit to be made one year from today. she will invest in a mutual fund that's expected to provide a return of 7.5% per year. she plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. under these assumptions, how much can she spend each year after she retires? her first withdrawal will be made at the end of her first retirement year.

Answers: 3

continue

Do you know the correct answer?

Eastern University had the following transactions at the beginning of its academic year: 1. Studen...