A professional tennis player from a city donated $1,500,000 for the maintenance and upkeep of the municipal tennis courts. The city can only use the earnings on the money for the upkeep. The donation would be recorded in which of the following:   private purpose fund investment trust fund custodial fund permanent fund

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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A professional tennis player from a city donated $1,500,000 for the maintenance and upkeep of the municipal tennis courts. The city can only use the earnings on the money for the upkeep. The donation would be recorded in which of the following:

 

private purpose fund

investment trust fund

custodial fund

permanent fund

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