In the current year National Pet Charities, which uses fund-type accounting to maintain its books and records, received a $30,000 contribution to help educate people on responsible pet ownership.During the current year, the entry to record this donation is
A) UNRESTRICTED FUND.No entry. RESTRICTED FUND.Debit Cash $30,000; Credit Revenues $30,000.
B) UNRESTRICTED FUND.No entry. RESTRICTED FUND.Debit Cash $30,000; Credit Net Assets $30,000.
C) UNRESTICTED FUND.Debit Cash $30,000; Credit Revenues $30,000. RESTRICTED FUND.No entry.
D) UNRESTRICTED FUND.Debit Cash $30,000; Credit Net Assets $30,000. RESTRICTED FUND.No entry.
Correct Answer:
Verified
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