Question: On December 1 , 2 0 2 3 , St . Sebastian University received cash of $ 6 0 , 0 0 0 and a

On December 1,2023, St. Sebastian University received cash of $60,000 and a pledge for another $30,000 to be paid in 2024. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31,2023, assuming St. Sebastian is a private university?
Multiple Choice
Account TitleDebitsCreditsRestricted Cash60,000Contributions receivable30,000Contribution Revenuewith Donor Restrictions60,000Deferred Revenues30,000
Account TitleDebitsCreditsRestricted Cash60,000Contributions receivable30,000Contribution Revenuewithout Donor Restrictions90,000
Account TitleDebitsCreditsRestricted Cash60,000Contribution Revenuewith Donor Restrictions60,000
Account TitleDebitsCreditsRestricted Cash60,000Contributions receivable30,000Contribution Revenuewith Donor Restrictions90,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

On December 1,2019 , St. Sebastian University received cash of $60,000 and a pledge for another $30,000 to be paid in 2020 . The amounts are to establish a permanent endowment to provide scholarships...

Q:

The following is the post - closing trial balance for the Whitlow Manufacturing Corporation os of December 3 1 , 2 0 2 3 . The following tronsections occurred during Jenuery 2 0 2 4 January 1 sold...

Q:

The following Statement of Financial Position contains errors in format, terminology, classification, and numbers. It has been prepared by the bookkeeper for Hathaway Corporation. Hathaway follows...

Q:

Ayayai Enterprises Ltd . sells a specialty part that is used in widescreen televisions and provides the ultimate in screen clarity. To promote sales of its product, Ayayai launched a program with...

Q:

I just need the answers for the blue and number boxes. I have some filled out, but I am not sure if they are correct. Thank you so much! Note: This problem is for the 2019 tax year. Logan B. Taylor...

Q:

On December 1, 2019, Sebastian University received cash of $60,000 and a pledge for another $30,000 to be paid in 2020. The amounts are to establish a permanent endowment to provide scholarships for...

Q:

Prepare a 2013 gift tax return (Form 709) for Natalie (Social Security number 123-45-6787). Natalie made no taxable gifts in prior years Hint: A correct submission for this assignment will include...

Q:

Prepare a 2013 gift tax return (Form 709) for Natalie (Social Security number 123-45-6787). Natalie made no taxable gifts in prior years Hint: A correct submission for this assignment will include...

Q:

On December 1, 2019, Sebastian University received cash of $60,000 and a pledge for another $30,000 to be paid in 2020. The amounts are to establish a permanent endowment to provide scholarships for...

Q:

I need help to complete the task. Attached in uncompelete report based on this organization. www.icmaz.org. The attached instruction will give you direction and the excelsheet protfolio will provide...

Q:

An engineer wishing to obtain the speed characteristics on a bypass around her city at a confidence level of 95%, and an acceptable limit of 1.0 mi/h collected a total of 130 spot speed samples and...

Q:

M&M Companys year-end balance sheets show the following: Express the balance sheets in common-size percents. Round to the nearest one-tenth of a percent. Comment on your results. $ 30,800 $...

Q:

Delaying receipt of benefits ( for example until age 7 0 ) will result in all of the following EXCEPT A ) receipt of delayed retirement credits. B ) permanently reduced benefit amount. C ) larger...

Q:

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...