Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $15,750 cash for a new component that increased the equipment's productivity. 2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $15,750 paid in cash. Transaction Note: Enter debits before credits General Journal Debit Credit
Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $15,750 cash for a new component that increased the equipment's productivity. 2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $15,750 paid in cash. Transaction Note: Enter debits before credits General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.

Transcribed Image Text:Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3
Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to
record the following costs related to the equipment.
1. Paid $15,750 cash for a new component that increased the equipment's productivity.
2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.
3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.
View transaction list
Journal entry worksheet
<
A
B
Record the betterment cost of $15,750 paid in cash.
Transaction
1
Note: Enter debits before credits
C
Show Transcribed Text
View transaction list
A
General Journal
Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal er
record the following costs related to the equipment.
1. Paid $15,750 cash for a new component that increased the equipment's productivity.
2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.
3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.
Journal entry worksheet
B
Record entry
C
Record the betterment cost of $15,750 paid in cash.
Note: Enter debits before credits.
Transaction
1
Debit
General Journal
Clear entry
Credit
Drau
Debit
Credit
View general journal
8 of 15 :::
Next >

Transcribed Image Text:RECORD DIE TURUming wa
1. Paid $15,750 cash for a new component that increased the equipment's productivity.
2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.
3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.
View transaction list
Journal entry worksheet
<
A
Record the cost of minor repairs of $3,938 paid in cash to keep the equipment
working well.
Transaction
2
Note: Enter debits before credits.
B
Record entry
Show Transcribed Text
C
View transaction list
< A
B C
General Journal
Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to
record the following costs related to the equipment.
Journal entry worksheet
Clear entry
1. Paid $15,750 cash for a new component that increased the equipment's productivity.
2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.
3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.
Record entry
Note: Enter debits before credits.
Transaction
3
Record the cost of significant repairs of $8,700 paid in cash to increase the
useful life of the equipment.
Debit
General Journal
Clear entry
Debit
Credit
View general journal
Credit
View general journal
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