Solution-Make a correcting entry if necessary

Make a correcting entry if necessary

Assignment Help Financial Accounting

Reference no: EM132929836

Below are selected entries for Flounder Co.:

1. The $90 cost of repairing a printer was charged to Equipment.

2. The $5,600 cost of a major engine overhaul was debited to Repairs Expense. The overhaul is expected to increase the operating efficiency of the truck.

3. The $6,600 closing costs associated with the acquisition of land were debited to Legal Fees Expense.

4. A $660 charge for transportation costs on new equipment purchased was debited to Delivery Expense.

5. Freight cost incurred bringing a new piece of equipment to the plant site was charged to Equipment

Question 1: Make a correcting entry if necessary.

Reference no: EM132929836

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Make a correcting entry if necessary

Reference no: EM132929836

Reference no: EM132929836

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