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Show journal entries to record the transactions

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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.

Reference no: EM132494029

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