Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries torecord the following costs related to the equipment.1. Paid $15,750 cash for a new component that increased the equipment's productivity.2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.View transaction listJournal entry worksheet<ABRecord the betterment cost of $15,750 paid in cash.Transaction1Note: Enter debits before creditsCShow Transcribed TextView transaction listAGeneral JournalOki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal errecord the following costs related to the equipment.1. Paid $15,750 cash for a new component that increased the equipment's productivity.2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.Journal entry worksheetBRecord entryCRecord the betterment cost of $15,750 paid in cash.Note: Enter debits before credits.Transaction1DebitGeneral JournalClear entryCreditDrauDebitCreditView general journal8 of 15 :::Next > RECORD DIE TURUming wa1. Paid $15,750 cash for a new component that increased the equipment's productivity.2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.View transaction listJournal entry worksheet<ARecord the cost of minor repairs of $3,938 paid in cash to keep the equipmentworking well.Transaction2Note: Enter debits before credits.BRecord entryShow Transcribed TextCView transaction list< AB CGeneral JournalOki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries torecord the following costs related to the equipment.Journal entry worksheetClear entry1. Paid $15,750 cash for a new component that increased the equipment's productivity.2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well.3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years.Record entryNote: Enter debits before credits.Transaction3Record the cost of significant repairs of $8,700 paid in cash to increase theuseful life of the equipment.DebitGeneral JournalClear entryDebitCreditView general journalCreditView general journal

The journal entries are prepared to record the transactions on regular basis. The major expenses…

Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $15,750 cash for a new component that increased the equipment's productivity. 2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $15,750 paid in cash. Transaction Note: Enter debits before credits General Journal Debit Credit

Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $15,750 cash for a new component that increased the equipment's productivity. 2. Paid $3,938 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,700 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $15,750 paid in cash. Transaction Note: Enter debits before credits General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exerclse 8-14 Ordinary repalrs, extraordinary repalrs, and betterments LO C3 Oki Company pays $250,550 for equipment expected to last four years and have a $30.000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $18.350 cash for a new component that increased the equipment's productivity. 2. Paid $4,588 cash for minor repairs necessary to keep the equipment working well. 3. Paid $11,300 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet A B Record the betterment cost of $18,350 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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