Following are transactions of Canton College:
1. The college's general fund-raising campaign generates written pledges of $800,000. Past history shows pledges to be 90 percent collectible. Cash collection is expected within one year.
2. A previously recorded unrestricted pledge is received, $7,000.
3. A staff member borrows $1,000 from the college and signs a note for repayment within one year.
4. Previously collected student activity fees of $6,000 are transferred to student organizations.
5. Salaries of $500,000 are paid to employees. An accrual had not been recorded.
6. A loan of $100,000 is taken to buy audiovisual equipment.
7. An $800 scholarship is awarded from funds donor-restricted to scholarships.
Required
For each of the above transactions, record the journal entry and, if appropriate, indicate where each item appears on the college's statement of activities?