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What is the appropriate entry

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Question - Sun City sold a used police car. The police car had a historical cost of $25,000, a fair value of $18,000, and was sold for $10,000. Assuming that the city maintains its books and records in a manner to facilitate the preparation of the fund financial statements, what is the appropriate entry in the general fund to record this sale?

A. Debit Cash $10,000; Credit Revenue $10,000.

B. Debit Cash $10,000; Credit Automotive equipment $10,000.

C. Debit Cash $10,000 and Loss on sale $8,000; Credit Automotive equipment $18,000.

D. Debit Cash $10,000; Credit Other financing sources-sale of asset $10,000.

Reference no: EM132608742

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