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What account should the entity credit

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Reference no: EM132589343

Question - Ann Watkins gives a nonprofit entity $55,000 in cash. Ann conditions that the entity may use the gift for a particular research project but only after it receives at least $60,000 cash from other donors to help complete the project. If the entity fails to raise the additional $60,000, it must return Ann's gift.

What account should the entity credit when it receives Ann's gift until Ann's conditions are substantially met?

1. Refundable advance (deferred revenue)

2. As contribution revenue-support without donor restriction

3. As contribution revenue-support with donor restrictions

4. Allowance for uncollectible contributions

Reference no: EM132589343

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