Reference no: EM13343241
University loan funds can readily be accounted for within the general framework applicable to not-for-profit organizations. Bronxville College, a not-for-profit institution, maintains a loan fund of approximately $1 million (including receivables). The funds are invested in stocks and bonds, and all investment income must be added to the balance in the fund. The fund, however, is unrestricted, in as much as it was established by the college itself, not by donors. 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% would 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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