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aimtobeacpa
Major Contributor

Joined: 10 Dec 2009
Online Status: Offline
Posts: 657

Posted: 28 Jul 2010 at 14:28 \| IP Logged

Investment Trust Fund entry to record and/or report cash contribution received from an external entity.

DR	Cash		XXX
CR		Net Assets Held in Trust for xxx		XXX

i did not understand this entry....why is net assets credited??..i.e reduced?

__________________
BEC-74,82(lost credit),78
FAR-67,80
AUD-75
REG-68,72,79

1tryCPA
Major Contributor

Joined: 27 Jun 2010
Online Status: Offline
Posts: 337

Posted: 28 Jul 2010 at 16:07 \| IP Logged

Net assets for governmental accounting is the same as equity for businesses. credit - increase in net assets.

__________________
FAR - 07/09/10 - {95}
AUD - 10/02/10 - {96}
BEC - 11/29/10 - {92}
REG - 05/23/11 - {75 would be enough}90 unbelievable, and I AM DONE!!!
______________
Wiley book/Gleim CD/Gleim simulations

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