Carla Vista's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. The following transactions and events occurred during the first three years. 2021 July 1 Nov. 3 Dec. 31 2022 Dec. 31 Recorded 2022 depreciation. 2023 Jan. 1 Date Purchased equipment from the Equipment Center for $5,100 cash plus sales tax of $330, and shipping costs of $390. Incurred ordinary repairs on computer of $370. Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $660. Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) + + Paid $3,600 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. Account Titles and Explanation Debit Credit

Carla Vista's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. The following transactions and events occurred during the first three years. 2021 July 1 Nov. 3 Dec. 31 2022 Dec. 31 Recorded 2022 depreciation. 2023 Jan. 1 Date Purchased equipment from the Equipment Center for $5,100 cash plus sales tax of $330, and shipping costs of $390. Incurred ordinary repairs on computer of $370. Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $660. Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) + + Paid $3,600 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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