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Maru [420]
3 years ago
12

Indicate which of the following costs should be expensed when incurred. (a) $13,000 paid to rearrange and reinstall machinery. s

elect an option (b) $200,000 paid for addition to building. select an option (c) $200 paid for tune-up and oil change on delivery truck. select an option (d) $7,000 paid to replace a wooden floor with a concrete floor. select an option (e) $2,000 paid for a major overhaul on a truck, which extends the useful life.
Business
1 answer:
jeka57 [31]3 years ago
6 0

Answer:

A,B,D,E are cost which should NOT be expensed when incurred. While C is a cost which should BE expensed when incurred.

Explanation:

(a) $13,000 paid to rearrange and reinstall machinery. select an option. NO

(b) $200,000 paid for addition to building. select an option. NO

(c) $200 paid for tune-up and oil change on delivery truck. select an option. YES

(d) $7,000 paid to replace a wooden floor with a concrete floor. select an option. NO

(e) $2,000 paid for a major overhaul on a truck, which extends the useful life. NO

Therefore A,B,D,E are cost which should NOT be expensed when incurred. While C is a cost which should BE expensed when incurred.

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Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO             Particulars       Debit          Credit  

 1                      Cash                200,000

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2                       Inventory             483,000

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3.                 Account receivable   675,000

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5                    Account payable               431,000

                            Cash                                                  431,000

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