Problem 3 [15 points] The trial balance of Long Island University, a government university, on December 1, 20X8 was as follows: Dr. Cr. Cash $ 193,750 Accounts Receivable 37,500 $2,500 31,250 Allowance for Uncollectible Accounts Inventory of Materials and Supplies Vouchers Payable Capital Assets (net) 28,750 1,000,000 Net Position 1,231,250 $1,262,500 $1,262,500 Long Island University's dormitory and food service facilities are operated as auxiliary enterprises. The following transactions took place during the current fiscal year: 1 Collections amounted to $2,800,000, distributed as follows: Tuition and fees, $2,412,500; unrestricted gifts, $212,500; sales and services of educational activities, $143,750; other sources, $31,250. 2. Receivables at year end were $36,250, consisting entirely of tuition and fees revenues. 3. It is estimated that tuition receivable of $3,750 will never be collected 4 Revenues from auxiliary enterprises were $375,000, all collected. 5 Materials purchased during the year for cash, $625,000; on account, $62,500. 6. Salaries and wages paid: Academic support $100,000 7. Interest expenses chargeable to Institutional Support, $3,750, were paid. 8. Vouchers payable paid, $50,000. Required: Prepare Journal entries to record the above transactions