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    csmithinbham's Avatar
    csmithinbham Posts: 2, Reputation: 1
    New Member
     
    #1

    Apr 21, 2008, 01:48 PM
    Asset that was free
    How do you record an asset that was free?
    csmithinbham's Avatar
    csmithinbham Posts: 2, Reputation: 1
    New Member
     
    #2

    Apr 21, 2008, 01:49 PM
    How do you record an asset that was free?
    MaggieMouse's Avatar
    MaggieMouse Posts: 226, Reputation: 8
    Full Member
     
    #3

    Apr 21, 2008, 03:30 PM
    No journal entry is needed.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    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

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