Record journal entry to record maintenance and repairs expense for K Company.

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Chapter 9, Problem 3BE

To determine

Record journal entry to record maintenance and repairs expense for K Company.

To determine

Record journal entry to record the installation of shelving units in the truck.

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Sherryhill Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2025 an analysis of the accounts and discussions with the company officials revealed the following information; Sales Revenue $1,2,38,000, Discontinued operations loss (net of tax) $55,300, Selling expenses $126,700, Cash $59,100, Accounts receivable $88,000, Common Stock $200,000, COGS $698,500, Accumulated depreciation-machinery. $183,600, Dividend Revenue $7,200, Unearned service revenue 4,300, Interest payable $1,800, Land $360,000, Patents $117,000, Retained earnings, January 1, 2025 224,950, Interest expense 19,900, Administrative expenses $165,600, Dividends declared. $24,600 Allowance for Doubtful Accounts 5,100 Notes Payable (maturity 7/1/28) $218,000 Machinery 459,000 Materials 39,800 accounts payable. 60,200 The amount of income taxes applicable to income was $70,350, excluding the tax effect of the discontinued operations loss, which amounted to $23,700…

Why is it important for companies to use the matching principle in accounting, and how does it affect the recognition of expenses? Explain how this principle ensures that financial statements provide a true representation of profitability during a specific period.