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Hilltop School District receives a donation of ten computers from Computer Hut, a local computer firm.....

Hilltop School District receives a donation of ten computers from Computer Hut, a local computer firm.. The cost of 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 government-wide statements, what is the appropriate entry to record this donation?

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Answer #1

The journal entry would be

Computer equipment 30,000
Other financing sources - donation 30,000
(3000*10)
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