Multiple Choice
Open Air Conservatory, a not-for-profit entity, held a fund-raising drive to raise money to buy land to provide a habitat for the endangered Sleepy Eagle.A donor pledged $1 million to the project provided that Open Air Conservatory was able to raise an additional $1.5 million from other sources.What entry should Open Air Conservatory make at the time of the $1 million pledge?
A) Debit Pledge receivable $1 million; Credit Unrestricted revenue $1 million.
B) Debit Pledges receivable $1 million; Credit Temporarily restricted revenue $1 million.
C) Debit Pledges receivable $1 million; Credit Temporarily restricted net assets $1 million.
D) No entry is made at the time of the pledge.
Correct Answer:
Verified
Correct Answer:
Verified
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