Question

Johnstone Company just bought a machine for $ 6,000, with an estimated life of five years and an estimated salvage value of $ 2,000; straight-line depreciation expense is $ 800. Record journal entries for the following transactions:
Jan. 12 Issued Ck. No. 1832 for $ 525 for inspection and lubrication of the machine.
Oct. 15 Issued Ck. No. 1876 for $ 2,120 to replace the motor and rollers. Johnstone Company estimates that this repair will extend the life of the machine about two years.



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  • CreatedOctober 21, 2014
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