A not-for-profit entity conducts a special fund-raising campaign at the end of fiscal year 2012, intended to raise funds for general operations that take place during fiscal year 2013 . It receives pledges totaling 200,000 .
Based on past experience, the entity expects to receive 150,000 in cash. How should the entity report these events?
a. recognize the entire amount pledged as unrestricted contribution revenue in 2012
b. recognize the amount pledged (net of a 50,000 allowance for estimated uncollectibles) as unrestricted contribution revenue in 2012
c. recognize the amount pledged (net of a 50,000 allowance for estimated uncollectibles) as temporarily restricted contribution revenue in 2012; and report the 2013 expenses as changes in temporarily restricted net assets in 2013
d. recognize the amount pledged (net of a 50,000 allowance for estimated uncollectibles) as temporarily restricted contribution revenue in 2012; and reclassify the net assets as unrestricted at the beginning of 2013
Question 2
When posting the column totals of a cash payments journal, a debit should be posted to
a. Cash
b. Accounts Payable
c. Sales Discounts
d. Unearned Revenue
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