Lakeview School District, a governmental entity, received 10 computers from Computer Hut, a local computer firm.The computers were a donation to the District by Computer Hut.The cost to Computer Hut for 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 fund financial statements, what is the appropriate entry in the General Fund to record this donation?
A) Debit Computer equipment $25,000; Credit Donation revenue $25,000.
B) Debit Computer equipment $30,000; Credit Other financing sources-donation $30,000.
C) Debit Computer equipment $30,000; Credit Donation revenue $30,000.
D) No entry is required.The computers are not financial resources.
Correct Answer:
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