On july 1, gilbert county bought computer equipment for use in the administrative offices of the county. the equipment has an estimated useful life of three years and salvage of $10,000. the county has a 6/30 fiscal year-end. assuming that the county maintains its books and records in a manner that facilitates the preparation of fund financial statements, the $85,000 cost of this equipment would require which of the following entries
a. debit expenditures $85,000; credit cash $85,000.
b. debit equipment $85,000; credit cash $85,000.
c. debit expenses $85,000; credit cash $85,000.
d. no entry in the city’s governmental funds
Answers: 3
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