When a snowplow purchased by a government is received,it should be recorded in the governmental activities general journal as a(an):

Question

Quizplus · Accepted Answer

A snowplow is a tangible asset that has a useful life of more than one year, so it should be classified as a capital asset when received. The cost of the snowplow is then depreciated over its useful life, which is recorded as an expense in the government's financial statements.

When a Snowplow Purchased by a Government Is Received,it Should