Multiple Choice
Which entry would be the correct entry to record pledges of $100,000 for a telethon event to raise money for a not-for-profit public television station? The public television entity estimates that 5% of the funds will be uncollectible. DEBIT CREDIT
A) Pledges Receivable $100,000 Unrestricted net assets-contributions $100,000
B) Cash $100,000 Unrestricted net assets-contributions $100,000
C) Pledges Receivable $100,000 Unrestricted net assets-contributions $95,000 Allowance for uncollectible pledges $ 5,000
D) Pledges Receivable $95,000 Unrestricted net assets-contributions $100,000 Allowance for uncollectible
Pledges $5,000
E) Cash $95,000 Unrestricted net assets-contributions $100,000 Allowance for uncollectible
Pledges $5,000
Correct Answer:
Verified
Correct Answer:
Verified
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