Question

The following transactions occurred during the 20X6 fiscal year of Pate County College.
1. A donation of $150,000 was received in cash for the purpose of making loans to students.
2. Cash in the amount of $50,000 was invested in bonds acquired at par.
3. Loans of $60,000 were made to students.
4. Interest on investments, $300, was received in cash.
5. Student loans of $1,000 were written off as uncollectible.

Required
Prepare journal entries for the fiscal year.



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  • CreatedOctober 25, 2014
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