Question: A private-purpose trust fund has been set up with a cash contribution of $500,000. What journa entry is needed to account for this transaction? Debit

A private-purpose trust fund has been set up with a cash contribution of $500,000. What journa entry is needed to account for this transaction? Debit Additions - Contributions, Credit Cash for $500,000 Debit Investments, Credit Additions - Contributions for $500,000 Debit Cash, Credit Additions - Contributions for $500,000 Debit Cash, Credit Additions - Investment Earnings for $500,000

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