Author Question: The majority of businesses end their fiscal year on December 31. a. True b. False Indicate ... (Read 81 times)

rosent76 · **on:** Jul 5, 2018

The majority of businesses end their fiscal year on December 31.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Stock valued at 15,000 was donated to a college. The donor stipulated that the stock was to be immediately sold and the proceeds used toward college's capital campaign. The entry to record the receipt of the gift would be

Debit Credit

A. Restricted Assets Capital Campaign
Revenue 15,000
15,000
B. Restricted Assets Capital Campaign
Deferred Revenue 15,000
15,000
C. Investments
Deferred Revenue 15,000
15,000
D. Investments
Special Item 15,000
15,000