10. On January 2, 2019, a graduate of Marimount Private College established a permanent trust fund and appointed Wells Bank as the trustee. The income from the trust fund is to be paid to Marimount...

10. On January 2, 2019, a graduate of Marimount Private College established a permanent trust fund and appointed Wells Bank as the trustee. The income from the trust fund is to be paid to Marimount and used only by the School of Business to support student scholarships. What entry is required on Marimount’s books to record the receipt of cash from the interest on the trust fund?

a. Debit Cash and credit Deferred Revenues

b. Debit Cash and credit Temporarily Restricted Endowment Revenues

c. Debit Cash and credit Unrestricted Endowment Revenues

d. Debit Cash and credit Temporarily Restricted Contributions