Shelbyville State University is a public university with a June 30 fiscal year end. Prepare the journal entries in good form. 1 Student tuition and fees were billed for $3,500,000 with 70% collected in cash and 3% considered uncollectible 2 An alum contributed $120,000 for a permanent endowment. The cash was immediately invested. 3 Pell grants in the amount of $1,900,000 were received and applied to stuent accounts. 4 The University incurred $300,000 of qualified expenditures under a cost-eimbursement grant from the Department of Defense. 5 Student scholarships, for which no services were required, amounted to $620,000 and were applied to student tuition accounts. 6 Student scholarships and fellowships for which services were required amounted to $375,000 and were applied to student tuition accounts. 7 The University received a state appropriation of $580,000 and unrestricted gifts of $46,000 8 By year end, the University received $230,000 from the Department of Defense for the reimbursement grant 9 By the terms of the endowment agreements, interest and dividends received on the investments are restricted for need-based scholarships. Gains or losses from changes in fair value of the investments are not distributed but remain in the endowment. During the year, $38,000 of interest and dividends were received on endowment investments. At vear end, the investments