On August 7, Green River Inflatables Co. paid $1,675 to install a hydraulic lift and $40 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter expenditures.
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On August 7, Green River Inflatables Co. paid $1,675 to install a hydraulic lift and $40
for an air filter for one of its delivery trucks.
air filter expenditures.
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- 11. Smith paid the following costs on July 7th in connection with a building. All amounts were paid in cash. New elevator system $200,000 Painting of lobby $20,000 Required: Record the appropriate journal entry(ies).In January, Prahbu purchased for $100,000 a new machine for use in an existing production line of his manufacturing business. Assume that the machine is a unit of property and is not a material or supply. Prahbu pays $4,075 to install the machine, and after the machine is installed, he pays $2,350 to perform a critical test on the machine to ensure that it will operate in accordance with quality standards. On November 1, the critical test is complete, and Prahbu places the machine in service on the production line. On December 3, Prahbu pays another $5,400 to perform periodic quality control testing after the machine is placed in service. How much will Prahbu be required to capitalize as the cost of the machine?On October 9, Wonder Inflatables Co. paid $1,150 to install a hydraulic lift and $40 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter expenditures.
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