Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 O Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recorded

Ishak Center for Families, a nonprofit organization, receives $300,000 from a donor who requires that the Center raise $300,000 in matching funds, or the Center will have to return the $300,000. What journal entry would the Center record upon receipt of the gift? Debit cash $150,000; credit deferred revenue $300,000 O Debit cash $300,000; credit contribution revenue with donor restrictions $300,000 Debit cash $300,000; credit contribution revenue without donor restrictions $300,000 No entry would be recorded

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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