On December 1, 2016, 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 Sebastian is a public university?
A.
| Restricted Cash | 30,000 | |
| Contributions receivable | 60,000 | |
| Nonoperating - Additions to permanent endowment | 30,000 | |
| Deferred Revenues | 60,000 |
B.
| Restricted Cash | 30,000 | |
| Nonoperating - Additions to permanent endowment | 30,000 |
C.
| Restricted Cash | 30,000 | |
| Contributions receivable | 60,000 | |
| Operating - Additions to permanent endowment | 90,000 |
D.
| Restricted Cash | 30,000 | |
| Contributions receivable | 60,000 | |
| Nonoperating - Additions to permanent endowment | 90,000 |
Answer: B
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