Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit university:
1. Tuition and fees assessed total $6,000,000. Eighty percent is collected by year-end, scholarships are granted for $200,000, and $100,000 is expected to be uncollectible.
2. Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $800,000.
3. Salaries and wages were paid, $2,600,000. Of this amount, $170,000 was for employees of the university bookstore.
4. Unrestricted resources were used to service the long-term mortgage on the university’s buildings, $1,000,000.
5. Mortgage payments totaled $960,000, of which $600,000 was for interest.
6. Restricted contributions for a specific academic program were received, $440,000.
7. Expenses for the restricted program were incurred and paid, $237,000.
8. Equipment was purchased from resources previously set aside for that purpose, $44,000.