Eastern university had the following transactions at the beginning of its academic year:
student tuition and fees were billed in the amount of $7,070,000. of that amount, $4,570,000 was collected in cash.
pell grants in the amount of $2,007,000 were received by the university.
the pell grants were applied to student accounts.
student scholarships, for which no services were required, amounted to $510,000. these were applied to student tuition bills at the beginning of each semester

prepare journal entries to record the above transactions assuming:
(a) eastern university is a public university.
(b) eastern university is a private university.

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c