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12. United Charities, a not-for-profit entity, provides shelter for abused individuals. United Charities engaged in a fund raising campaign that resulted in pledges of $600,000
12. United Charities, a not-for-profit entity, provides shelter for abused individuals. United Charities engaged in a fund raising campaign that resulted in pledges of $600,000 to support activities of the current year. During the year, United Charities collected $500,000 of these pledges. United Charities should record the following entry(ies) during the current year: a) In the DONOR RESTRICTED FUND: Debit Cash $500,000 and Pledges Receivable $100,000; Credit Pledges Revenue $600,000 In the UNRESTRICTED FUND b) Debit Cash $500,000: Credit Pledges Revenue $500,000 AND In the DONOR RESTRICTED FUND: Debit Pledges Receivable $100,000: Credit Pledges Revenue S100,000 c) In the UNRESTRICTED FUND: Debit Cash $500,000 and Pledges Receivable $100,000; Credit Pledges Revenue $600,000 In the UNRESTRICTED FUND: d) Debit Cash $500,000 and Pledges Receivable $100,000; Credit Pledges Revenue $500,000 and Deferred Pledges Revenue $100,000 In the DONOR RESTRICTED FUND: e) Debit Cash $500,000 and Pledges Receivable $100,000: Credit Pledges Revenue $500,000 and Deferred Pledges Revenue $100,000
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