The Following Selected Transactions Affected the Current Unrestricted Fund of Franklin

The following selected transactions affected the Current Unrestricted Fund of Franklin State (public) University during the current fiscal year:
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a. Student tuition and fees billed for the year for $\$ 8,000,000$ , which was used for educational and general purposes. Prior experience shows $\$ 100,000$ will be uncollectible.

b. $\$ 7,200,000$ of the billings in part (a) were collected.

c. Unrestricted income from endowment funds amounted to $\$ 185,000$ .

d. Auxiliary enterprise included $\$ 175,000$ from student residence hals; $\$ 200,000$ from cafeterias; and $\$ 750,000$ from the college store sales. All amounts have been collected.

e. $\$ 300,000$ of Term Endowments funds are now available for unrestricted use.

f. Operating Expenses are paid as follows: Instruction $\$ 300,000$ ; Research $\$ 150,000$ ; Academic Support $\$ 50,000$ ; Student Services $\$ 25,000$ ; Institutional Support $\$ 120,000$

g. University's student aid committee granted student tuition and fee reductions of $\$ 200,000$ .

h. Expenses from auxiliary enterprises amounted to $\$ 750,000$ Required:
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Make the journal entries necessary to record the selected transactions.