Edwards Center for GNP Accounting, a nonprofit organization, receives a letter froma donor that includes a promise to donate $100,000 in the next fiscal year providedthe Center raise an equal amount of cash from other donors. What journal entry willbe recorded when the letter is received?No journal entry would be recorded.Debit cash $100,000; credit refundable advance $100,000Debit pledge receivable $100,000; credit contribution revenue with donorrestrictions $100,000Debit pledge receivable $100,000; credit contribution revenue without donorrestrictions $100,000Debit pledge receivable $100,000; credit refundable advance $100,000

As per the Rules of Journal entry there are 3 golden rules. Debit what comes in Credit what goes…

Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded O Debit cash $100,000; credit refundable advance $100,000

Edwards Center for GNP Accounting, a nonprofit organization, receives a letter from a donor that includes a promise to donate $100,000 in the next fiscal year provided the Center raise an equal amount of cash from other donors. What journal entry will be recorded when the letter is received? No journal entry would be recorded O Debit cash $100,000; credit refundable advance $100,000

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 8DQ

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