Shelbyville State University is a public university with a June 30 fiscal year end. Prepare the journal entries in good form.

Student tuition and fees were billed for $3,800,000 with 75% collected in cash and 2.5% considered uncollectible.

Pell grants in the amount of $2,100,000 were received and applied to student accounts.

Student scholarships, for which no services were required, amounted to $550,000 and were applied to student tuition accounts.

The University incurred $350,000 of qualified expenditures under a cost-reimbursement grant from the Department of Defense.

The University received a state appropriation of $530,000 and unrestricted gifts of $48,000.

Student scholarships and fellowships for which services were required amounted to $275,000 and were applied to student tuition accounts.

By year end, the University received $270,000 from the Department of Defense for the reimbursement grant.

An alum contributed $115,000 for a permanent endowment. The cash was immediately invested.

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, $24,000 of interest and dividends were received on endowment investments. At year end, the investments fair value increased by $31,000.