Anderson University, a private, nonprofit university receives a letter from an alumnus who pledges $3,000,000, all of which is expected to be collected and which is unconditional. The alumnus places no restrictions on the gift; however, the donor indicated y y the pledge will be fulfilled in the next fiscal year. What journal entry would be recorded at the time of the pledge?

Select one:

a. Debit Pledges Receivable $3,000,000; Credit Contribution Revenue--With Donor Restrictions

b. Debit Pledges Receivable $3,000,000; Credit Contribution Revenue--Without Donor Restrictions $3,000,000

c. No journal entry would be recorded

d. Debit Pledges Receivable $3,000,000: Credit Deferred Contribution Revenue