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How would the journal entries look for the transaction

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Reference no: EM132960784

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.

Problem 1: How would the Journal Entries look for the above transactions?

Reference no: EM132960784

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