Instructions The following selected events occurred for Orwell Company during the first quarter of 2016: Jan. A motor breaks on a machine and is replaced for $2,400. This replacement was expected when the 11 machine was purchased. Feb. 15 A machine breaks down unexpectedly and requires repairs of $700. Mar. 10 An accident damages some equipment. Repairs cost $2,000. 19 A motor breaks on a machine and is replaced for $900. The new motor is of an improved design that increases the capacity of the machine. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500. Required: 1. Prepare journal entries for the preceding transactions. 2. Would any of your answers change if the company used IFRS? If so, how?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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How do i prepare a journal entry
* CengageNOWv2 | Online teacx
gnment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
еВook
Events Subsequent to Acquisition
Chart of Accounts
General Journal
IFRS
Instructions
The following selected events occurred for Orwell Company during the first quarter of 2016:
Jan.
A motor breaks on a machine and is replaced for $2,400. This replacement was expected when the
11
machine was purchased.
Feb.
15
A machine breaks down unexpectedly and requires repairs of $700.
Mar.
10
An accident damages some equipment. Repairs cost $2,000.
19
A motor breaks on a machine and is replaced for $900. The new motor is of an improved design that
increases the capacity of the machine.
27
Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500.
Required:
1. Prepare journal entries for the preceding transactions.
2. Would any of your answers change if the company used IFRS? If so, how?
Check My Work
37°
hp
Transcribed Image Text:* CengageNOWv2 | Online teacx gnment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Events Subsequent to Acquisition Chart of Accounts General Journal IFRS Instructions The following selected events occurred for Orwell Company during the first quarter of 2016: Jan. A motor breaks on a machine and is replaced for $2,400. This replacement was expected when the 11 machine was purchased. Feb. 15 A machine breaks down unexpectedly and requires repairs of $700. Mar. 10 An accident damages some equipment. Repairs cost $2,000. 19 A motor breaks on a machine and is replaced for $900. The new motor is of an improved design that increases the capacity of the machine. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500. Required: 1. Prepare journal entries for the preceding transactions. 2. Would any of your answers change if the company used IFRS? If so, how? Check My Work 37° hp
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