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Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit university:
- 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.
- Revenues collected from sales and services of the university bookstore, and auxiliary enterprise, were $800,000.
- Salaries and wages were paid, $2,600,000. Of this amount, $170,000 was for employees of the university bookstore.
- Unrestricted resources were used to service the long-term mortgage on the university’s buildings, $1,000,000.
- Mortgage payments totaled $960,000, of which $600,000 was for interest.
- Restricted contributions for a specific academic program were received, $440,000.
Expenses for the restricted program were incurred and paid, $237,000.
Equipment was purchased from resources previously set aside for that purpose, $44,000.

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