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Subjects>Law & Government>United States Government

What is the journal entry for receiving a donated asset?

Updated: 8/19/2023

Wiki User

∙ 13y ago

Best Answer

write up the entries required in revaluation account?

Wiki User

∙ 12y ago

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Wiki User

∙ 13y ago

Debit fixed assets, credit asset revaluation or misc income.

OR If this is an opening entry at the start of a business you would Debit the asset and Credit Capital

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Wiki User

∙ 9y ago

Debit depreciation
Credit donated assets

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Wiki User

∙ 9y ago

[debit] Cash / bank

[credit] Donations

This answer is:

Wiki User

∙ 9y ago

Debit distribution accounts
Credit fixed assets

This answer is:

Wiki User

∙ 9y ago

Debit accumulated depreciation
Credit fixed asset

This answer is:

Wiki User

∙ 9y ago

debit asset account
credit donation

This answer is:

Wiki User

∙ 9y ago

debit asset
credit donation / capital

This answer is:

Wiki User

∙ 9y ago

[debit] Cash / bank
[credit] Donations

This answer is:

Wiki User

∙ 12y ago

debit asset credit capital

This answer is:

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Related questions

What is the Journal Entry for receiving a donated asset from City Government?

[Debit] Donated Assets [Credit] Retained Earning / OE

What is the journal entry to record a donated asset?

Debit fixed assetsCredit donations / retained earnings

What is the journal entry to record sale of donated assets?

[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx

What is the journal entry to write off a fully depreciated asset that was donated?

Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.

What is the journal entry to write off a partially depreciated asset that was donated?

Debit accumulated depreciationdebit loss on disposalCredit fixed asset account

Is the journal entry of receiving a phone bill an asset or liability?

phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken by business.

What are the journal entry for asset revaluation?

debit asset and credit asset revaluation

What is the journal entry if asset appreciates?

Debit Asset accountCredit retained earnings

What is the journal entry for donating fixed asset?

debit donationcredit fixed asset

What is the journal entry for donated cash?

[Debit] Cash [Credit] Donations

What is the journal entry for car donated to business?

[Debit] Donated Car [Credit] Owner equity or retained earnings

What is the Journal entry move land out of current assets?

Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.

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