The City of Tipton received 100 acres of land located in the city limits as a gift from a local property owner for use as a city park.The debit for the entry to record this event in the General Fund should be to
A) General capital assets.
B) Land.
C) Expenditures.
D) No entry is required in General Fund.

Question

Quizplus · Accepted Answer

In the General Fund, no entry is required for the acquisition of capital assets like land. The General Fund focuses on current financial resources, and capital assets are recorded in the government-wide financial statements, not in the General Fund.

The City of Tipton Received 100 Acres of Land Located