St. David's Hospital, a not-for-profit business oriented hospital, had contributions totaling $14,000,000 as follows: $2,000,000 for unrestricted purposes for the following year and beyond; $6,000,000 for construction of a new surgery wing which is scheduled to be built in the following year, $5,000,000 pledged for endowment purposes and $1,000,000 restricted for purposes other than long term asset acquisition. The endowment was a pledge; all other contributions were received in cash.What is the hospital's journal entry?
A.
| Cash | 9,000,000 | |
| Contributions Receivable | 5,000,000 | |
| Revenues-Unrestricted-Contributions | 3,000,000 | |
| Revenues-Temporarily Restricted-Contributions | 6,000,000 | |
| Revenues-Permanently Restricted-Contributions | 5,000,000 |
B.
| Cash | 9,000,000 | |
| Contributions Receivable | 5,000,000 | |
| Revenues-Temporarily Restricted-Contributions | 9,000,000 | |
| Revenues-Permanently Restricted-Contributions | 5,000,000 |
C.
| Cash | 9,000,000 | |
| Revenues-Temporarily Restricted-Contributions | 9,000,000 |
D.
| Cash | 9,000,000 | |
| Contributions Receivable | 5,000,000 | |
| Revenues-Unrestricted-Contributions | 2,000,000 | |
| Revenues-Temporarily Restricted-Contributions | 7,000,000 | |
| Revenues-Permanently Restricted-Contributions | 5,000,000 |
Answer: B
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