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Author Question: A wealthy alum donated land to a state college to be used for a new athletics facility. The land has ... (Read 53 times)

hbsimmons88

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on: Jul 5, 2018
A wealthy alum donated land to a state college to be used for a new athletics facility. The land has a fair market value of 250,000 . The donor purchased the land ten years ago at a cost of 75,000 .
 
  The entry to record the receipt of the donation would be
 
   dr cr
 
  a. Land 250,000 Capital Contributions 250,000
  b. Land 250,000 Other Financing Sources 250,000
  c. Land  75,000 Capital Contributions  75,000
  d. Land 250,000
   Special Item 250,000
  e. Land  75,000
   Special Item  75,000

Question 2

Which account would normally not require an adjusting entry?
 a. Wages Expense
  b. Accounts Receivable
  c. Accumulated Depreciation
  d. Cash


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ryansturges

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Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

d


hbsimmons88

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

amandalm

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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