The entry to record the payment of an extraordinary repair of $5,000 that will extend the life of the machine 5 years,when the machine cost $30,000,and has accumulated depreciation of $26,000,is to:
A) debit Machinery $5,000;credit Accumulated Depreciation $5,000.
B) debit Accumulated Depreciation $5,000;credit Cash $5,000.
C) debit Accumulated Depreciation $1,000;credit Cash $1,000.
D) debit Machinery $1,000;credit Cash $1,000.
Correct Answer:
Verified
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