Which of the following statements pertaining to pledges is correct? Multiple Choice A pledge amount should only be recognized as revenue when it is received in cash. The collection of pledges is legally enforceable and can be referred to a collection agency for nonpayment. When the allowance for estimated uncollectible pledges is established, the debit is made to bad debt expense. If the collectability of the pledge amount can be estimated based on historical results, the pledged amount should be recognized as a receivable offset with an allowance for estimated uncollectible amounts