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?
1Comments
What to record as entry?
AAnonymous in NC
One would debit the asset account (Fire engine #?) and credit an equity account like (ABC Community Fire Department, Capital).