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April 21, 2014

Homework Help: accounting

Posted by ildiko on Sunday, October 10, 2010 at 9:44pm.

The City of Shiloh sold a used police car. The police car had a historical cost of $17,000, a fair value of $12,000, and was sold for $5,000. 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?

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