Which Entry Would Be the Correct Entry to Record That

question 24

Multiple Choice

Which entry would be the correct entry to record that a not-for-profit organization collected $80,000 of amounts pledged and wrote off $3,000 of amounts pledged as amounts uncollectible?

• A) Option A
• B) Option B
• C) Option C
• D) Option D
• E) Option E

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Definitions:

Origin Contract

A contractual agreement specifying the original terms and conditions set forth by the parties involved in a transaction or negotiation.

Risk of Loss

The potential that an investment's value may decrease or that a business may suffer losses.

Transit

The movement of people or goods from one location to another, which can involve multiple modes of transportation such as buses, trains, and ships.

Conditional Sales Contract

A sales agreement that grants possession of an asset to the buyer, but withholds legal ownership until all terms have been fulfilled, typically payment in full.