Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 O Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recorded
Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 O Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recorded
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor
who requires that the Center raise $300,000 in matching funds, or the Center will
have to return the $300,000. What journal entry would the Center record upon
receipt of the gift?
Debit cash $150,000; credit deferred revenue $300,000
Debit cash $300,000; credit contribution revenue with donor restrictions
$300,000
Debit cash $300,000; credit contribution revenue without donor restrictions
$300,000
No entry would be recorded](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09215c4f-da1c-43dc-b246-cc7e3c2ee174%2Ff43595aa-4fb0-445b-92bf-c3c1cce0e102%2Frsf5prn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor
who requires that the Center raise $300,000 in matching funds, or the Center will
have to return the $300,000. What journal entry would the Center record upon
receipt of the gift?
Debit cash $150,000; credit deferred revenue $300,000
Debit cash $300,000; credit contribution revenue with donor restrictions
$300,000
Debit cash $300,000; credit contribution revenue without donor restrictions
$300,000
No entry would be recorded
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