lannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $2,800,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University sollect 95% of the pledged amount. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Credit Debit 0 To record the pledge from an alumnus. How would the pledge have been recorded if Hannon University were a public university?

lannon University, a private, nonprofit university, receives a letter from an alumnus who pledges $2,800,000 for the establishment of a center for public service. The donor expresses the wish that the amount be used in the next fiscal year, but the donor's letter does not identify any barriers to be overcome or identify a right of release. Based on history, Hannon University sollect 95% of the pledged amount. Record the journal entry that would be recorded upon receipt of the letter. Enter accounts in order of magnitude (largest to smallest amounts), debits first. Account Credit Debit 0 To record the pledge from an alumnus. How would the pledge have been recorded if Hannon University were a public university?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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