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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