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Prepare journal entries to record the following transactions for a private, not-for-profit university. 1. Tuition...

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Accounting

Prepare journal entries to record the following transactions for a private, not-for-profit university.

1. Tuition and fees assessed total $10,000,000, 80% of which was collected by year-end; tuition scholarships were granted for $1,300,000, and $650,000 was expected to be uncollectible. 2. Revenues collected from sales and services by the university bookstore were $1,450,000. 3. Salaries and wages paid were $5,600,000, $300,000 of which was for employees of the university bookstore. 4. Financial aid funds of $700,000 were received from the Pell Grant program; the funds were then disbursed to the appropriate students. 5. Contributions of $600,000 were received; $30,000 was restricted for the athletic department and the balance was unrestricted. An additional $70,000 was pledged to the athletic department by the alumni. 6. Athletic equipment was purchased with $42,000 previously set aside for that purpose.

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