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?

Comments for JOURNAL ENTRY OF GIFT

Click here to add your own comments

Apr 18, 2012
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).

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Accounting.



Need a Consultation, help setting up an effective Accounting System, or someone to do your monthly bookkeeping and/or payroll?



Recommended Resource!

Online classes/courses on how to use QuickBooks Desktop and QB Online for a church! 

Click here for more details!

Use coupon code "FCA" for 10% discount!