What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract...
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Accounting
What journal entry would be recorded when a private, nonprofit university receives $1,000,000 for contract services provided to the U.S. Department of Energy?
Select one:
a. Debit cash $1,000,000; credit contract revenue $1,000,000
b. Debit pledge receivable $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000
c. Either Debit cash $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000 OR Debit cash $1,000,000; credit contract revenue $1,000,000
d. Debit cash $1,000,000; credit contribution revenue (with or without donor restrictions) $1,000,000
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