by mrs lim
(malaysia)
WHAT IS THE JOURNAL ENTRY FOR FIXED ASSETS PURCHASE USING DONATED FUND?
Answer
Debit the appropriate fixed asset account
and
Credit your cash account or the appropriate liability account (or combination of)
Vickey
2Comments
Asset Purchases
AAnonymous
Our income/expense report will not be correct as it will not show as an expense for the current month. Is there a 2 part entry that can be done so that it shows up on the income/expense report?
Journal entry for F/A
MMargo
If you have a temporarily restricted fund for the purchase of a fixed asset don't you have to, when the asset is purchased, adjust the purchase price from temporarily restricted to unrestricted general fund?