E17-3 (Various Transactions) Prepare the journal entries required for Rocco State University to record the following transactions.

Tuition and fees assessed total $3,000,00080% is collected, scholarships are granted for $100,000; $50,000 is expected to prove uncollectible; and $20,000 of the scholarships are waivers for employees.

Revenues collected from sales and services of the university bookstore, an auxiliary enterprise, were $400,000.

Salaries and wages were paid, $1,300,000. Of this amount, $85,000 was for employees of the university bookstore.

Mortgage payments totaled $480,000. Of this amount, $300,000 was for interest.

Restricted contributions for a specific academic program were received, $220,000.

Expenses for the restricted program were incurred and paid, $100,000.

Equipment was purchased from resources previously contributed for that purpose, $22,000.