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0.67/1pts al Question 7 A donor made a cash contribution in the amount of $1,000,000 to the City of Selma to be held as an

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0.67/1pts al Question 7 A donor made a cash contribution in the amount of $1,000,000 to the City of Selma to be held as an endowment for the preservation and upkeep of the Edmund Pettus Bridge. To account for this endowment, the city has created the Edmund Pettus Bridge Endowment Fund. Under terms of the agreement, the city must invest and conserve the principal amount of the contribution in perpetuity. Earnings, measured on the accrual basis, must be used to maintain the Edmund Pettus Bridge. All changes in fair value do not affect earnings for transfer purposes. Earnings are transferred periodically to the Edmund Pettus Bridge Maintenance Fund, a special revenue fund. What entry should be made (and in what fund type) to record the initial contribution of $1,000,000? Fill in the boxes below with the correct fund type and account. Fund Type Debit Credit Account $ General Cash 1,000,000 1,000,000 Revenues

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