For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required."
(a) The $70 cost of repairing a printer was charged to Equipment.
(b) The $5,500 cost of a major engine overhaul was debited to Maintenance and Repairs Expense. The overhaul is expected to increase the operating efficiency of the truck.
(c) The $6,000 closing costs associated with the acquisition of land were debited to Operating Expenses.
(d) A $300 charge for transportation expenses on new equipment purchased was debited to Freight-In.

Question

Quizplus · Accepted Answer

The Answer of For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required."
(a) The $70 cost of repairing a printer was charged to Equipment.
(b) The $5,500 cost of a major engine overhaul was debited to Maintenance and Repairs Expense. The overhaul is expected to increase the operating efficiency of the truck.
(c) The $6,000 closing costs associated with the acquisition of land were debited to Operating Expenses.
(d) A $300 charge for transportation expenses on new equipment purchased was debited to Freight-In.

For Each Entry Below Make a Correcting Entry If Necessary