The following transactions occurred during the 20X6 fiscal year of Pate County College.1. A donation

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.RequiredPrepare journal entries for the fiscal year.View Solution:
The following transactions occurred during the 20X6 fiscal year of