Question: For each of the following items enter the correct letter

For each of the following items, enter the correct letter to show whether the expenditure should be capitalized (C) or expensed (E).
Transactions
____ 1. Purchased a machine, $ 70,000; gave long- term note.
____ 2. Paid $ 600 for ordinary repairs.
____ 3. Purchased a patent, $ 45,300 cash.
____ 4. Paid cash, $ 200,000, for addition to old building.
____ 5. Paid $ 20,000 for monthly salaries.
____ 6. Paid $ 250 for routine maintenance.
____ 7. Paid $ 16,000 for extraordinary repairs.

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  • CreatedNovember 02, 2015
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