[Ira Gilligan]

What would be the journal entry to record donated collections received (works of art, historical treasures, etc.) that meet the criteria to not be capitalized?

FAR - (scheduled 9/24/16)
BEC -
REG -
AUD -

[reallytired]

Don't quote me on this, but I believe you debit the asset and credit revenue? I haven't studied FAR in about a month now so it is a bit hazy. If you have access to the codification, you can look up donated assets.

B 10/29/16
A 10/1/16
R 9/2/16
F 7/26/16

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