Reference no: EM132494029
Grand Lantern University had the following transactions at the beginning of its academic year:
1. Student tuition and fees were billed in the amount of $8,100,000. Of that amount $5,500,000 was collected in cash.
2. Wuhan Grants in the amount of $2,250,000 were received by the university.
3. The Wuhan 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:
Question 1: Prepare journal entries to record the above transactions assuming:
a. Grand Lantern University is a public university.
b. Grand Lantern University is a private university.