Question

An equipment appears in the balance sheet of a company at $15,000 with a remaininguseful life of 3 years. During the year, the company incurred an amount of $3,480 to repairthe 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.a. Debit Repairs expense account for $3,480 and credit the Cash account for $3.480b. Debit Repairs expense account for $3,480 and credit the Equipment account for$3.480c. Debit Equipment account for $3.480 and credit the Cash account for $3.480d. Debit Equipment account for $3,480 and credit the Repairs expense account for$3.480​

Answer 1

Debit Repairs expense account for $3,480 and credit the Cash account for $3.480b. Debit Repairs expense account for $3,480 and credit the Equipment account for$3.480c. Debit Equipment account for $3.480 and credit the Cash account for $3.480d. Debit Equipment account for $3,480 and credit the Repairs expense account for

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