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Cash Gift to a College LO 3 A $36,000 cash gift was received by a college during the year. Required: A. In which fund should

Cash Gift to a College LO 3

A $36,000 cash gift was received by a college during the year.

Required:

A. In which fund should the gift be recorded if there were no restrictions on the use of the cash

B. In which fund should the gift be recorded if the donor specified that the cash was to be used

to replace obsolete and damaged equipment?

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