Native Art Museum, a not-for-profit entity that elects not to capitalize its collection items, purchased for $10,000 a wonderful totem pole for display near the door of the Museum.As a result of this transaction, which of the following entries should be made?
A) Debit Collection Items $10,000; Credit Cash $10,000.
B) Debit Collection Expense $10,000; Credit Cash $10,000.
C) Debit Unrestricted Net Assets $10,000; Credit Cash $10,000.
D) No entry is required.
Correct Answer:
Verified
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