2.99 See Answer

Question: The Stanton Company conveys $23,000 in


The Stanton Company conveys $23,000 in cash to a private not-for-profit entity. The money must be used for a designated purpose. This conveyance is viewed as a conditional contribution. Which of the following is recorded by the private not-for-profit entity?
a. A liability
b. No journal entry is made.
c. Contributed revenue reported within net assets with donor restrictions
d. Contributed revenue reported within net assets without donor restrictions

2.99

See Answer