A company made a $500 ordinary repair to a piece of equipment. The accountant debited this amount to the asset account, Equipment and credited Cash. Was this the correct entry and if not, why not? O a. Yes, this was the correct entry. O b. No, the correct entry would be a debit to Cash and a credit to Equipment. O c. No, the correct entry would be a debit to Maintenance and Repairs Expense and a credit to Cash. O d. No, the correct entry would be a debit to Cash and a credit to Maintenance and Repairs Expense.

A company made a $500 ordinary repair to a piece of equipment. The accountant debited this amount to the asset account, Equipment and credited Cash. Was this the correct entry and if not, why not? O a. Yes, this was the correct entry. O b. No, the correct entry would be a debit to Cash and a credit to Equipment. O c. No, the correct entry would be a debit to Maintenance and Repairs Expense and a credit to Cash. O d. No, the correct entry would be a debit to Cash and a credit to Maintenance and Repairs Expense.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter4: Posting To A General Ledger

Section: Chapter Questions

Problem 3AP

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