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