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A Voluntary Health and Welfare Organization's (VHWO's) special pledge campaign resulted in $150,000 of new pledges. Of this amount $30,000 is to be received this
A Voluntary Health and Welfare Organization's (VHWO's) special pledge campaign resulted in $150,000 of new pledges. Of this amount $30,000 is to be received this period but held for unrestricted purposes in the following period. It is estimated that 10% of the pledges will prove to be uncollectible. Which of the following statements are true? Multiple select question. Only $27,000 will be recognized as contribution revenue in the current period. The entire $150,000 will be reported as contribution revenue in the current period. The $30,000 will be recorded as Pledges Receivable - Temporarily Restricted Uncollectible Accounts expense will be recorded for $15,000
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