For Each Entry Below Make a Correcting Entry If Necessary

question 167

Essay

For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required."
(a) The $60 cost of repairing a printer was charged to Computer Equipment.
(b) The $5,000 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 Legal Expense.
(d) A $500 charge for transportation expenses on new equipment purchased was debited to Freight-In.

---

Definitions:

Leadership

The act of guiding, directing, and influencing others towards the achievement of goals.

Planning

The process of defining an organization’s goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate activities.

Flexibility

The ability to adapt to new, different, or changing requirements and situations.

Orientation

The introduction process for new employees or members to familiarize them with the organization's operations, culture, and policies.