### Appropriate entry in general fund to record sale

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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?

a) Debit Cash \$5,000; Credit Revenue \$5,000.

b) Debit Cash \$5,000 and Loss on Sale \$7,000; Credit Automotive Equipment \$12,000.

c) Debit Cash \$5,000; Credit Other Financing Sources-Sale of Asset \$5,000.

d) Debit Cash \$5,000; Credit Automotive Equipment \$5,000.

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