Question

ellis university, a private, nonprofit university receives a letter pledging to donate $1,000,000 to the university. the pledge is unconditional, is expected to be received in the current fiscal year, and the pledge may be used for any purpose. what journal entry should ellis university record? select one: a. debit pledge receivable; credit contribution revenue-with donor restrictions b. no entry would be recorded until the pledge is received c. debit cash; credit contribution revenue-without donor restrictions d. debit pledge receivable; credit contribution revenue-without donor restrictions

Answer 1

The journal entry should ellis university record is Option b. no entry would be recorded until the pledge is received.

College report manner a fixed unit of statistics in any format that documents a transaction, selection or dating made by way of the college.

A written account of all of the acts and court cases in a lawsuit. A written memorial made through a public officer authorized by regulation to perform that function, and intended to function proof of something written, stated, or carried out.

Statistics are proof of what the university record does. They capture its business activities and transactions together with settlement negotiations, business correspondence, employee files, and economic statements, just to name a few.

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