Question

Payment for repair of machinery is an example of​

Answer 1

Answer:

Let’s make two assumptions. One is just a simple repair to make the machinery keep on working and the second one is the repairs will extend the life of the machinery and or increase its value.

Simple Repairs

Debit - Repairs and Maintenance Expense

Credit - Cash or Accounts Payable

Repairs that will extend the life of the machinery or increase its value assuming that the machinery was capitalized

Debit - Equipment and Machinery

Credit - Cash or Accounts Payable