write up the entries required in revaluation account?
[Debit] Donated Assets [Credit] Retained Earning / OE
Debit fixed assetsCredit donations / retained earnings
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
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.
debit asset and credit asset revaluation
debit donationcredit fixed asset
Debit Asset accountCredit retained earnings
[Debit] Cash [Credit] Donations
[Debit] Donated Car [Credit] Owner equity or retained earnings
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.