Make the journal entries necessary to record the pledges

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Reference no: EM13775589

Carlton (private) University received the following pledges during 20X5:

a. Jane Baker pledges $30,000 to be used for student scholarships.

b. As a result of a pledge drive, $400,000 is pledged to be paid by the end of the accounting year. Ten percent of pledges in the past have been shown to be uncollectible. These pledges are unrestricted.

Required:

Make the journal entries necessary to record the pledges.

Reference no: EM13775589

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