Asked Jan 12, 2020

Capital and Revenue Expenditures

On April 29, GTS Co. paid $3,000 to install a hydraulic lift and $32 for an air filter for one of its delivery trucks.

Journalize the entries for the new lift.

April 29      

Journalize the entry for air filter expenditures.


Expert Answer

Step 1

Journal Entry

Journal Entry is refers to the recording of monetary transactions which are related to the business. Recording of transaction in the books of accounts are the foremost step for the preparation of financial account.

Step 2

Following are the journal ...

Accounting homework question answer, step 2, image 1

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