Question
On December 1, 2019, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2020. The amounts are
On December 1, 2019, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2020. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2019, assuming St. Sebastian is a private university?
1. Restricted Cash 30,000
Contributions receivable 60,000
Contribution Revenue: With Donor Restrictions 90,000
2. Restricted Cash 30,000
Contributions receivable 60,000
Contribution Revenue: Temporarily restricted 90,000
3. Restricted Cash 30,000
Contribution Revenue: With Donor Restrictions 30,000
4. Restricted Cash 30,000
Contributions receivable 60,000
Contribution Revenue: With Donor Restrictions 30,000
Deferred Revenues 60,000
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