JOURNAL ENTRY OF GIFT

by Kenny Oh
(San diego, CA)

If a village received a gift of a new fire engine from a local civic group. the fair value of this fire engine was $400,000. the entry to be made in the general fund for this gift is?

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What to record as entry?
by: Anonymous in NC

One would debit the asset account (Fire engine #?) and credit an equity account like (ABC Community Fire Department, Capital).

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