What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy?

Select one:

a. Debit cash $1,000,000; credit contract revenue $1,000,000

b. Debit pledge receivable $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000

c. Either Debit cash $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000 OR Debit cash $1,000,000; credit contract revenue $1,000,000

d. Debit cash $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000