Which Entry Would Be the Correct Entry to Record That

question 15

Multiple Choice

Which entry would be the correct entry to record that a not-for-profit entity collected $80,000 of amounts pledged and also wrote off $3,000 of amounts pledged that were previously estimated as amounts uncollectible? DEBIT CREDIT

• A) Pledges Receivable $80,000 Cash $80,000
• B) Cash $80,000 Pledges Receivable $80,000
• C) Pledges Receivable $80,000 Allowance for uncollectible pledges 3,000 Cash $83,000
• D) Cash $80,000 Pledges Receivable $83,000 Allowance for uncollectible
• Pledges $3,000
• E) Cash $80,000 Unrestricted net assets-contributions $83,000 Allowance for uncollectible
• Pledges $3,000

Differentiate between permanent and temporary accounts.

Prepare journal entries for transactions involving purchases, returns, and payments.

Apply the net method for recording purchases in a periodic inventory system.

Apply the gross method for recording purchases in a periodic inventory system.

---

Definitions:

Nitrogenous Bases

Organic molecules that make up the building blocks of nucleic acids, such as DNA and RNA, including adenine, cytosine, guanine, thymine, and uracil.

Gene Expression

Gene expression is the process by which information from a gene is used to synthesize functional gene products, often proteins, influencing an organism's structure and functions.

DNA Fingerprinting

A technique used to identify individuals by characteristics of their DNA.

DNA Cloning

A laboratory technique used to create multiple identical copies of a piece of DNA.