Northern University Received $2,000,000 from Donors for Endowments B $\begin{array}{ll}\text {Restricted Cash and Cash Equivalents}&2,000,000 \\\text {Permanent Endowment Fund}&&2,000,000\\\end{array}$

question 47

Multiple Choice

Northern University received $2,000,000 from donors for endowments. The principal may not be expended. One half of the income is to be used for research and the other half is to be used for scholarships.
What is the journal entry to record this event?
A.
$\begin{array}{ll}\text { Restricted Cash and Cash Equivalents } & 2,000,000 \\\text { Research Endowment } && 1,000,000 \\\text { Scholarship Endowment } && 1,000,000\end{array}$
B.
$\begin{array}{ll}\text {Restricted Cash and Cash Equivalents}&2,000,000 \\\text {Permanent Endowment Fund}&&2,000,000\\\end{array}$

C.
$\begin{array}{lll}\text { Restricted Cash and Cash Equivalents}&2,000,000 \\\text { Additions to Permanent Endowments}\\\text { Income Restricted for Research}&& 1,000,000 \\\text { Additions to Permanent Endowments}\\\text { Income Restricted for Scholarships}&& 1,000,000 \\\end{array}$

D.
$\begin{array}{lll}\text { Cash - Restricted for Research } & 1,000,000 & \\\text { Cash - Restricted for Scholarships } & 1,000,000 & \\\quad \text { Research Endowment } & & 1,000,000 \\\quad\text { Scholarship Endowment } & & 1,000,000\end{array}$

• A) Choice A
• B) Choice B
• C) Choice C
• D) Choice D

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Definitions:

White Social Capital

The benefits and resources accrued by individuals through their membership in predominantly white social networks or communities.

Racial Field

A sociological term referring to the social and power dynamics structured by race, affecting individuals' positions and interactions in society.

Orientalism

A concept primarily introduced by Edward Said to describe the West's often patronizing representation and interpretation of societies and cultures of the East, shaping perceptions and misunderstandings.

Racialized Knowledge

The concept that knowledge and truth are influenced by and serve to perpetuate racial hierarchies and biases in society.