On july 1, gilbert county bought computer equipment for use in the administrative offices of the county. the equipment has an estimated useful life of three years and salvage of $10,000. gilbert county has a 6/30 fiscal year-end. assuming that the county maintains its books and records in a manner that facilitates the preparation of fund financial statements, the $70,000 cost of this equipment would require which of the following entries?

debit expenditures $70,000; credit cash $70,000.

debit equipment $70,000; credit cash $70,000.

debit expenses $70,000; credit cash $70,000.

no entry in the city s governmental funds.