A well- known celebrity sponsored a telethon for the Help for the Blind Foundation on November 1,
Question:
A well- known celebrity sponsored a telethon for the Help for the Blind Foundation on November 1, 2025. Pledges in the amount of $1,000,000 were called in. Using similar telethon campaigns as a basis, it is estimated that 25% of the pledges will be uncollectible. During 2026, $700,000 of contributions from these pledges were collected. The remainder were uncollectible.
Required:
Identify the appropriate fund(s) and prepare the journal entries necessary in 2025 and 2026 to record these transactions.
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2025 Current Unrestricted Fund 1 Pledges Receivable Revenue Contribut...View the full answer
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