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What is effect of the journal entry on financial statements

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Question: Saul's Manufacturing Company owns various machinery and equipment, among other capital assets, which are used in its manufacturing process. In 2014, one of the machines suddenly stopped working and a technician was called in to assess the problem. The technician was able to apply oil to a certain part of the machine and return it to normal working order after 4 hours of labour. Saul's Manufacturing Company subsequently received a bill from the technician for $1,030 which the accountant recorded as a debit to machinery and credit to accounts payable with a plan to pay off the balance in 2015. What is the effect of the journal entry on the financial statements of Saul's Manufacturing Company?

Reference no: EM132747866

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