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.
Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...
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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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