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Question
For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required."
(a) The $50 cost of repairing a printer was charged to Computer Equipment.
(b) The $5,500 cost of a major engine overhaul was debited to Repair Expense. The overhaul is expected to increase the operating efficiency of the truck.
(c) The $6,000 closing costs associated with the acquisition of land were debited to Operating Expenses.
(d) A $400 charge for transportation expenses on new equipment purchased was debited to Freight-In.
Answer
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