Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for the animals?

Question

Quizplus · Accepted Answer

The gift of cash would be recorded as a contribution to the animal rescue agency and would increase their unrestricted net assets. Donations such as this are typically recorded in a separate account under unrestricted net assets to track contributions that are not designated for a specific purpose.

Which Account Should Be Credited to Record a Gift of Cash