The Nature Conservatory, a Not-For-Profit Entity, Engaged in a Fundraising

question 23

Multiple Choice

The Nature Conservatory, a not-for-profit entity, engaged in a fundraising drive to raise money to buy land to provide a habitat for the endangered Sleepy Eagle.A donor pledged $1 million to the project provided that the Nature Conservatory was able to raise an additional $1.5 million from other sources.What entry should the Nature Conservatory make at the time of the $1 million pledge?

• A)Debit Pledge receivable $1 million; Credit Unrestricted revenue $1 million.
• B)Debit Pledges receivable $1 million; Credit Temporarily restricted revenue $1 million.
• C)Debit Pledges receivable $1 million; Credit Temporarily restricted net assets $1 million.
• D)No entry is made at the time of the pledge.

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Definitions:

Antebellum Period

The era in United States history from the late 18th century until the outbreak of the Civil War in 1861, characterized by the growth of the South's economy and the intensification of the North-South divisions.

Black Population

Individuals who identify as having African ancestry, forming a significant demographic in various countries, with distinct cultural and social identities.

Free

Not under the control or in the power of another; able to act or be done as one wishes.

Enslaved

Made to work without pay and under threat of violence, deprived of freedom and rights; historically, referring primarily to African Americans in pre-Civil War United States.