WebThe journal entry should be debiting repair and maintenance expenses and credit accounts payable or cash. This transaction will impact both income statement and balance sheet. … WebFeb 12, 2024 · To record a repair or maintenance expense in your records, debit the repairs and maintenance expense account by the amount of the expense in a journal entry. A debit increases an expense...

Treatment of Unusual or Infrequent Items for IFRS …

WebThe land was currently valued at $416,000. During the first year of this arrangement, the trustee recorded the following cash transactions: Instructions Prepare all required journal entries on the Trust Fund table for this trust fund including the entry to create the trust. WebLO 11.3 Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is expected to be driven for 120,000 miles. Montello uses the units-of-production depreciation method and in year one it expects to use the truck for 23,000 miles. Calculate the annual depreciation expense. EA 5. croatia osiguranje zadar

How do you record extraordinary repairs? – KnowledgeBurrow.com

WebDefinition: An extraordinary repair is a major repair to an asset that extends its useful life beyond what was originally predicted. In other words, an extraordinary repair is an … WebAug 31, 2024 · Lessee Corp would record the following journal entry to adjust the lease liability and right-of-use asset, with the difference between the adjustment to the lease liability and right-of-use asset being recorded to the income statement. Dr. Lease liability . $186,162. Dr. Loss 4,000. WebMay 27, 2024 · GAAP no longer requires the reporting of extraordinary items separately from irregular items, only as nonrecurring items. Under GAAP, unusual or infrequent transactions must be reported either on ... croatia osiguranje vukovar