On July 1, Gilbert County Bought Computer Equipment for Use

question 24

Multiple Choice

On July 1, Gilbert County bought computer equipment for use in the administrative offices of the County.The equipment has an estimated useful life of three years and salvage of $10,000.Gilbert County has a 6/30 fiscal year-end.Assuming that the County maintains its books and records in a manner that facilitates the preparation of government-wide financial statements, the $85,000 cost of this equipment would require which of the following entries?

• A)Debit Expenditures $85,000; Credit Cash $85,000.
• B)Debit Equipment $85,000; Credit Cash $85,000.
• C)Debit Expenses $85,000; Credit Cash $85,000.
• D)No entry is required.

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Definitions:

Renal Pyramids

Cone-shaped tissues in the kidneys that are comprised of tubules and blood vessels, playing a crucial role in urine formation.

Medulla

The innermost part of an organ or structure, often referring to the medulla oblongata in the brain, which controls vital functions.

Glomerulus

A network of small blood vessels in the kidneys where filtration of blood occurs, initiating the process of urine formation.

Afferent Arteriole

Branch of an interlobular artery of the kidney that conveys blood to the glomerulus.