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Lakeview School District, a governmental entity, received 10 computers from Computer Hut, a local computer firm. The computers were a donation to the District by Computer Hut. The cost to Computer Hut for each computer is $2,500. The retail value of each computer is $3,000. Assuming that the District maintains its books and records in a manner that facilitates the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this donation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991104

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