Problem 2 - Jones College has he following transactions;  1/3/22 Jones College receives a $500,000 contribution to be used for student loans  1/9/22 Jones College lends students $400,000  12/4/22 Jones College collects $300,000 in principle and $6,000 in interest from the loans  12/31/22 Jones College earns $4,000 interest on the $100,000 of excess funds Required: Prepare the journal entries for the above transactions

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.