On July 1, Gilbert County Bought Computer Equipment for Use

question 73

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. The 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 fund 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 in the city's governmental funds.

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Definitions:

Distance Perception

The ability to estimate the distance of objects from oneself, which is crucial for navigation and interaction with the environment.

Monocular Cues

Depth cues, such as interposition and linear perspective, available to either eye alone.

Retinal Images

The visual images formed on the retina of the eye, resulting from light rays reflecting off objects and entering the eye.

Perceived

Interpreted or understood in a particular way by an individual, often based on sensory input and personal experience.