Problem
Selected transactions of Shelbyville University are listed below. The university reports as a governmental university from the state of Georgia.
Transactions:
• Tuition and fees assessed total $4,500,000; 70% is collected immediately; scholarships allowances are granted for $120,000; and $45,000 is expected to prove uncollectible.
• Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $135,000.
• Total salaries and wages paid, $1,500,700, of which $62,000 for employees of the university bookstore, $375,000 for salaries of administration and staff; and the remainder for faculty.
• Tuition remissions were granted in the amount of $35,000 for employees.
• Restricted contributions for the Master of Accountancy (MAcc) program were received, $250,000.
• Expenditures for the MAcc program were incurred and paid, $270,000.
Task: Prepare the necessary journal entries to record these transactions.