Which entry would be the correct entry on the donor's books when the donor relinquishes control of an asset that it contributes to a not-for-profit organization? $$\begin{array} { l l }
{ \text { DEBIT } } & \text { CREDIT } \
\text { A) Expense-charitable contribution } & \text { Cash } \
\text { B) Refundable advance to charity } & \text { Cash } \
\text { C) Charitable pledge } & \text { Cash } \
\text { D) Cash } & \text { Liability to beneficiary } \
\text { E) Cash } & \text { Refundable advance }
\end{array}$$

Question

Which entry would be the correct entry on the donor's books when the donor relinquishes control of an asset that it contributes to a not-for-profit organization? $$\begin{array} { l l } 
 { \text { DEBIT } } & \text { CREDIT } \
\text { A) Expense-charitable contribution } & \text { Cash } \
\text { B) Refundable advance to charity } & \text { Cash } \
\text { C) Charitable pledge } & \text { Cash } \
\text { D) Cash } & \text { Liability to beneficiary } \
\text { E) Cash } & \text { Refundable advance }
\end{array}$$

Quizplus · Accepted Answer

When a donor relinquishes control of an asset to a not-for-profit organization, it is recorded as an expense for charitable contribution, reducing cash.

Which Entry Would Be the Correct Entry on the Donor's