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csmithinbham
Apr 21, 2008, 01:48 PM
How do you record an asset that was free?

csmithinbham
Apr 21, 2008, 01:49 PM
How do you record an asset that was free?

MaggieMouse
Apr 21, 2008, 03:30 PM
No journal entry is needed.

CaptainForest
Apr 22, 2008, 01:24 PM
So some random, unassociated person gave your company some asset for free?

Dr. Asset (at its fair market value)
Cr. Shareholder's Equity