Non-Profit
Purchase of Museum Collection Item
Recording the acquisition of a piece of art or a historical artifact (if the NGO capitalizes its collection).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Collections (Heritage Assets) | Asset (+) | 25,000.00 | - |
| Cash | Asset (-) | - | 25,000.00 |
💡 Accountant's Note
Many museums choose NOT to capitalize collections. If they do, collection items are recorded as assets but are generally NOT depreciated because they have an indefinite life.
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