Bronxville College maintains a loan fund of approximately $1 million (including receivables). The funds are invested in
Question:
Prepare journal entries to record the following events and transactions that took place during the year.
1. The college directed an additional $75,000 of donor contributions to the loan fund.
2. The fund made new student loans of $200,000. It estimated that approximately 10 percent will be uncollectible.
3. It earned interest and dividends of $6,000. In addition, the market value of its investments increased by $3,000.
4. It collected $140,000 in loan repayments, plus an additional $40,000 in interest.
5. It wrote off $20,000 of loans as uncollectible.
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Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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