On December 1, 2016, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2017. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2016, assuming St. Sebastian is a private university?

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The Answer of On December 1, 2016, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2017. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2016, assuming St. Sebastian is a private university?