Question

A
An equipment appears in the balance sheet of a company at $15,000 with a remaining
useful life of 3 years. During the year, the company incurred an amount of $3,480 to repair
the equipment which increased the useful life of the equipment from 3 years to 5 years.
Prepare the journal entry to show the amount incurred to repair the equipment
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a. Debit Repairs expense account for $3,480 and credit the Cash account for $3,480
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b. Debit Repairs expense account for $3.480 and credit the Equipment account for
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c. Debit Equipment account for $3,480 and credit the Cash account for $3,480
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d. Debit Equipment account for $3,480 and credit the Repairs expense account for
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Answer 1

Explanation:

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