On December 1, 2016, St. Sebastian University received cash of $30,000 and a pledge for another $60,000 to be paid in 2017. The amounts are to establish a permanent endowment to provide scholarships for music majors. How should this event be recorded on December 31, 2016, assuming St. Sebastian is a private university? 
Definitions:
Metabolic Defects
Metabolic defects refer to abnormalities in the body’s processes that convert food into energy, leading to various health issues.
Enzyme
Enzyme is a protein that acts as a biological catalyst, speeding up chemical reactions in living organisms without being consumed in the process.
Haploid
Referring to a cell or organism that contains a single set of unpaired chromosomes, as opposed to the diploid state which has paired chromosomes.
Homologous Chromosome
Chromosomes that are paired during meiosis, having the same genes at the same loci but possibly different alleles.
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