Use the Following Information to Answer the Question(s)below

question 32

Multiple Choice

Use the following information to answer the question(s) below.
The town of Mayberry receives a gift of $500,000 in bonds.The contributor instructs that the principal should remain intact,but the annual interest income of $50,000 can be used for the maintenance of the zoo animals.
-When the interest income of $50,000 is received,what account should be credited?

• A)Other Financing Sources
• B)Other Financing Uses
• C)Deferred Revenue
• D)Revenue

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Definitions:

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