Question

Josh Corp. receives equipment donated from an unrelated party. Josh records the assets by debiting equipment and crediting ________.

1) other comprehensive income
2) additional paid-in capital
3) revenue
4) retained earnings

Answer 1

Josh Corp. records the assets by debiting equipment and crediting revenue.

Step-by-step explanation:

When receiving equipment donated from an unrelated party, Josh Corp will record the assets by debiting equipment and crediting revenue.