On December 1,2015,St

Multiple Choice

On December 1,2015,St.Sebastian University,a private college,received cash of $3,000 and a pledge for another $6,000 to be paid in January 2015. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 1,2015?

A) Cash 3,000 Contributions receivable 6,000
Revenues: Temporarily restricted contributions 9,000
B) Cash 3,000 Contributions receivable 6,000
Revenues: Permanently restricted contributions 9,000
C) Cash 3,000 Revenues: Permanently restricted contributions 3,000
D) Cash 3,000 Contributions receivable 6,000
Revenues: Permanently restricted contributions 3,000
Deferred Revenues 6,000