Consider the Following Transactions for the University of Northland (Private)

question 59

Essay

Consider the following transactions for the University of Northland (private):
a.
On January 1st a gift of $100,000 was received from an alumnus. She requested one half be used for student loans and the other as a pure endowment contribution.
b.
Loans totaling $25,000 are made to students. Collections from other loans made to students total $30,000 plus $3,000 interest.
c.
During the year, investments of $20,000 were sold for $30,000. Any gain is restricted for improvements in classroom instruction.
d.
During the year, interest charges of $5,000 were earned and collected on late student fee payments.
e.
A student loan of $500 is deemed uncollectible.
f. During the year, operating expenses of $150,000 were recorded. At the end of the year, $25,000 remains unpaid.
Required:
Prepare journal entries necessary to record the transactions.

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