On February 14, Garcia Associates Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, Garcia paid $450 to install a GPS system in its van. Journalize the entries for the transmission and GPS system expenditures.

Q: Carley Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of…

A: Capital expenditure: It is the cost acquired from fixed assets. It includes of cost of purchase and…

Q: A contractor imported a bulldozer for his job paying $260,000 to the manufacturer. Freight and…

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage…

Q: Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage…

A: Given information is:  Oki Company pays $264,000 for equipment expected to last four years and have…

Q: Jorgea Company sold office equipment that had a book value of $12,000 for $16,000. The office…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Stanley Company sold office equipment that had a book value of $12,000 for $16,000. The office…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Mandaue reimbursed the following expense liquidation of its managerial employee: Purchase of office…

A: SOLUTION WORKING NOTE- CALCULATION TOTAL MONETARY VALUE OF FRINGE BENEFIT - PERSONAL MEALS &…

Q: Capital and Revenue Expenditures On August 5, GTS Co. paid $3,280 to repair the transmission on one…

A: 1. THE REPAIR OF TRANSMISSION IS A REVENUE EXPENDITURE THAT RETURNS THE VEHICLE TO ITS PREVIOUS…

Q: O'Connor Company ordered a machine on January 1 at a purchase price of $95,000. On the date of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Capital and Revenue Expenditures On April 29, GTS Co. paid $1,570 to repair the transmission on one…

A: Capital expenditures are those expenditures that are incurred for acquiring, replacing or modifying…

Q: At the beginning of the year, Grillo Industries bought three used machines from Freeman…

A: Depreciation expense:  Depreciation expense is a non-cash expense, which is recorded on the income…

Q: Precision Construction entered into the following transactions during a recent year.January 2…

A: Accounting Equation equals company’s assets to its liabilities and equity. The entire double entry…

Q: Sub Sandwiches of America made the following expenditures related to its restaurant: 1. Replaced the…

A:

Q: Grab Manufacturing Co. purchased a ten-ton draw press at a cost of $180,000. Since the company made…

A: Any amount of money spent to generate the revenues in a business is known as expenses.

Q: Emily purchased a building to store inventory for her business. The purchase price was $630,000.…

A:

Q: During March the activities of evergreen landscaping included the following transactions and events.…

A: Introduction: Expenses: In simple terms , Amount spent on generating revenue called as Expenses.

Q: Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail…

A: Pricing methods Pricing methods refers to the ways of selecting price for maximizing profit and…

Q: HP Company purchased equipment on January 1 at a list price of $127,000, with credit terms 2/10,…

A: Equipment cost includes all cost such as - installation charges , slab rate charge , taxes etc.…

Q: (The following information applies to the questions displayed below.) At the beginning of the year,…

A:

Q: Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison…

A: 1.

Q: At the beginning of the year, Young Company bought machinery, shelving, and a forklift. The…

A: Computation of total cost of machine = initial cost + overhauling cost + installation cost =…

Q: Several years ago, Health Services acquired a helicopter for use in emergency situations. Health…

A:

Q: Stuart Studio, an art studio, prepared a new catalog for the National School of Heavy Equipment, a…

A: Law of Contract Gilbert and Donald Shaw run a National School for which Stuart studio has developed…

Q: During the year just ended, Morton Company made the following expenditures relating to its plant…

A: Any amount spent on repairs and maintenance that does not add/increase the value of the asset should…

Q: Charles Corp. purchased a new machine for its factory. The following lists shows the various…

A: Capitalized cost of the machine Particulars Amount Base purchase price   $40,000 Sales tax…

Q: W bought a new printing machine. The machine was purchased for $80,000. The installation costs were…

A: We have the following information: Machine Purchased for $80,000 Installation Costs: $5,000 Cost of…

Q: Bill's Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $1,180,…

A: Answer -  As the Expenditure incurred on building enhanced the life of the assets  given it has to…

Q: Sellem, Inc. is disposing of office furniture it has had for 2 ½ years. The cost of the furniture…

A: Refer step1 & step2 for complete understanding

Q: On January 1, Year 1, RandallI Moving Company paid $22,500 cash to purchase a truck. The truck was…

A: Solution: Annual depreciation = (cost - salvage value) / useful life = (22500 - 4700)/ 5 = $3,560…

Q: capital and Revenue Expenditures On April 29, Rocket Co. paid $1,760 to repair the transmission on…

A: All expenditure incurred by the organization to buy machines, or expenditure on fixed assets, This…

Q: Payment of an invoice for advertising   3 Costs of clearing the site ready for an extension to…

A: Capital expenditure are those expenditure whose benefit or use is enjoyed for a longer period say…

Q: Below are four scenarios for a local Midas Muffler shop for the month of December.Scenario 1: On…

A: An adjusting journal entry is an entry in a company's general ledger that occurs at the end of an…

Q: Miller Corp. purchased a new machine for its factory. The following lists shows the various…

A: Note: Insurance costs incurred for the transit to the destination is only capitalized to the assets.…

Q: Quality Move Company made the following expenditures on one of its delivery trucks:Mar. 20. Replaced…

A: Capital expenditure: It refers to the amount spent on acquiring, maintaining, and improving the…

Q: capitalized as cost of the machine

A: The cost of a fixed asset includes the sum of amounts of money spent in bringing the asset into…

Q: At the end of the reporting period, Pinky Corp. shows the following account for machinery it had…

A: Property , Plant and Equipment: The cost of property, plant, and Equipment incorporates the…

Q: Flounder Corporation, which manufactures shoes, hired a recent college graduate to work in its…

A: Record journal entry for exchange of old machine for new machine that has commercial substance in…

Q: Tumeng Co. acquired a piece of equipment for 1,000,000 and incurred the following additional costs:…

A:

Q: A telephone system, inclusive of PBX, handsets, and automatic re-diallers was purchased on January…

A: Cost of assets include purchase cost, installation cost , commission cost and other direct cost…

Q: P Company purchased equipment on January 1 at a list price of $127,000, with credit terms 2/10,…

A: Cost of assets includes purchase price , taxes (if credit not available) , installation charges or…

Q: On April 29, Welllington Co. paid $2,440 to repair the transmission on one of its delivery vans. In…

A: Capital expenditure is the outlay on the long-term things that is these are the resources that an…

Q: ABC Company replaced some parts of its factory building as well as its annual maintenance and upkeep…

A: This question deals with the IAS 16 -  property, plant and equipment. As per the IAS 16, property…

Q: Gerald paid $1730 to install a lift which was hydraulic in nature and an air filter which costs $88…

A: Transactions of an organisation will be recorded initially through journal entries in the books of…

Q: On 1 May 2020, Ron Trading purchased a new machine. The following payments relate to the machine.…

A: SOLUTION- A JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…

Q: Mr. Yiadom decided on 1 July, to invest his insurance compensation of GHȼ 4,000,000 in a retail…

A: Cost per unit needs to be calculated for purchase as well as sale of shovels.

Q: On October 9, Wonder Inflatables Co. paid $1,150 to install a hydraulic lift and $40 for an air…

A: Expenses in reference to an asset till it is ready to put to use is capitalized in the books as part…

Q: Capital and Revenue Expenditures On April 29, GTS Co. paid $3,000 to install a hydraulic lift and…

A: Journal EntryJournal Entry is refers to the recording of monetary transactions which are related to…

Q: Fischer Construction purchased a used front-end loader for $42,000, terms 1/10, n/30, F.O.B.…

A: Net amount paid for front-end loader  $41,580 Freight paid  $405 New battery  $225 Cost of…