Question

Habanero School District receives a donation of ten computers from Computer Hut, a local computer firm. The cost to Computer Hut of each computer is $2,500. The retail value of each computer is $3,000. Assuming that the district maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the general fund to record this donation? Question 14 options: Debit Computer equipment $25,000; Credit Donation revenue $25,000. Debit Computer equipment $30,000; Credit Other financing sources—donation $30,000. Debit Computer equipment $30,000; Credit Donation revenue $30,000. No entry. The computers are not financial resources.

          Habanero School District receives a donation of ten computers from Computer Hut, a local computer firm. The cost to Computer Hut of each computer is $2,500. The retail value of each computer is $3,000. Assuming that the district maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the general fund to record this donation?
Question 14 options:
Debit Computer equipment $25,000; Credit Donation revenue $25,000.
Debit Computer equipment $30,000; Credit Other financing sources—donation $30,000.
Debit Computer equipment $30,000; Credit Donation revenue $30,000.
No entry. The computers are not financial resources.

Added by Ignacio S.

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