Question: Chapter 9: Long-Term Assets: Fixed and Intangible 7. Which type of ordinary maintenance and repairs to fixed assets are classified as revenue expenditures? 8. Prepare

Chapter 9: Long-Term Assets: Fixed and Intangible 7. Which type of

Chapter 9: Long-Term Assets: Fixed and Intangible

7. Which type of ordinary maintenance and repairs to fixed assets are classified as revenue expenditures? 8. Prepare a journal entry for the following revenue expenditure. ABC Company paid $100 for an oil change for a company vehicle. 9. Which type of maintenance and repairs to fixed assets are classified as capital Expenditures? 10. Prepare a journal entry for the following capital expenditure. ABC Company paid $10,000 to install a shut off value on the factory machine. The shut off value extended the life of the machine. 11. Describe the following Intangible Assets: Patents, Copyrights and Trademarks and Goodwill (descriptions should include more than one sentence). 12. Where do Intangible Assets appear on the Balance Sheet

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