Problem 3 115 points) The trial balance of Long Island University, a government university, on September 1, 20X7 was as follows Dr. Cash $ 155,000 Accounts Receivable 30,000 Allowance for Uncollectible Accounts Inventory of Materials and Supplies 25,000 Vouchers Payable Capital Assets (net) 800,000 Net Position $1,010,000 $2,000 23,000 985,000 $1,010,000 fiscal year Long Island University's dormitory and food service facilities are operated as auxiliary enterprises. The following transactions took place during the current 1 Collections amounted to $2,240.000, distributed as follows Tuition and foes, 51.930,000 unrestricted gifts, 5170,000, sales and services of educational activities, 5115.000, other sources, $25,000 2 Receivables at year end were $29.000 consisting entirely of tuition and fees revenues 3 It is estimated that tuition receivable of $3.000 will never be collected 4 Revenues from auxiliary enterprises were $300,000, all collected 5 Materials purchased during the year for cash 5500,000, on account. $50,000 6 Salaries and wages pald, Academic support 580,000 7 Interest expenses chargeable to Institutional Support, $3,000 were paid 8 Vouchers payable paid $40.000 Required: Prepare Journal entries to record the above transactions