If an Entity Receives a Gift of an Original Painting

question 6

Multiple Choice

If an entity receives a gift of an original painting from a customer with a fair value of $20 000,in return for services rendered,it would be recorded as:

• A) debit to bank and credit to equity
• B) debit to the asset painting and credit to revenue
• C) debit to the asset painting and credit to equity
• D) none of the above

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Definitions:

Routes

Specific paths or courses taken to reach a destination or achieve a goal.

Transportation Problem

A type of optimization problem in operations research that involves determining the most efficient routing and scheduling of transportation resources to meet requirements.

Routes

Predefined paths or courses taken for the distribution of goods from suppliers to customers.

Origins

The initial starting points or sources from which something arises, such as the beginnings of a supply chain or product development process.