Carlton (private) University received the following pledges during 20X5:
a.Jane Baker pledges $30,000 to be used for student scholarships.
b.As a result of a pledge drive, $400,000 is pledged to be paid by the end of the accounting year. Ten percent of pledges in the past have been shown to be uncollectible. These pledges are unrestricted.Required:Make the journal entries necessary to record the pledges.

Question

Quizplus · Accepted Answer

The Answer of Carlton (private) University received the following pledges during 20X5:
a.Jane Baker pledges $30,000 to be used for student scholarships.
b.As a result of a pledge drive, $400,000 is pledged to be paid by the end of the accounting year. Ten percent of pledges in the past have been shown to be uncollectible. These pledges are unrestricted.Required:Make the journal entries necessary to record the pledges.

Carlton (Private) University Received the Following Pledges During 20X5