Which Entry Would Be the Correct Entry on the Not-For-Profit

question 44

Multiple Choice

Which entry would be the correct entry on the not-for-profit organization's books to record a donor's gift when the money is simply passing through the not-for-profit organization and creates no direct benefit, and when control of the assets has been relinquished by the donor? $$\begin{array} { l l } { \text { DEBIT } } & \text { CREDIT } \\\text { A) Expense-charitable contribution } & \text { Cash } \\\text { B) Refundable advance to charity } & \text { Cash } \\\text { C) Cash } & \text { Liability to beneficiary } \\\text { D) Cash } & \text { Refundable advance } \\\text { E) Cash } & \text { Contribution revenue }\end{array}$$

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

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