A general government department of a county government donated a capital asset with an original cost of 40,000 and accumulated depreciation of 15,000 to one of the county's proprietary funds. The proprietary fund would record the transaction as a
A. Debit to capital assets of 40,000 and a credit to revenue.
B. Debit to capital assets of 40,000 and a credit to capital contribution.
C. Debit to capital assets of 25,000 and a credit to revenue.
D. Debit to capital assets of 25,000 and a credit to capital contribution.
Question 2
Which of the following is nota correct rule of debits and credits?
a. Assets, expenses, and withdrawals are increased by debits.
b. Assets are decreased by credits and have a normal debit balance.
c. Liabilities, revenues, and owner's equity are increased by credits.
d. The normal balance for revenues and expenses is a credit.
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