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The following events affected the New Alhens University Loan Fund: 1. $300,000 is received from...

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The following events affected the New Alhens University Loan Fund: 1. $300,000 is received from a donor to establish a student loan fund. Loans will carry a 6% annual interest rate. 2. The Loan Fund loaned the $300,000 to students. Five percent of the loans are estimated to be uncollectible. 3. Loans of $50,000 were repaid with $3,000 of interest. 4. A $1,000 student loan was written off as uncollectible. Required: Prepare the journal entries necessary to record these transactions. The following events affected the New Alhens University Loan Fund: 1. $300,000 is received from a donor to establish a student loan fund. Loans will carry a 6% annual interest rate. 2. The Loan Fund loaned the $300,000 to students. Five percent of the loans are estimated to be uncollectible. 3. Loans of $50,000 were repaid with $3,000 of interest. 4. A $1,000 student loan was written off as uncollectible. Required: Prepare the journal entries necessary to record these transactions

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