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In 202x, Gamma Company made an ordinary repair to a delivery truck at a cost of $300. Gamma's accountant debited the asset account, Delivery Vehicles.

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In 202x, Gamma Company made an ordinary repair to a delivery truck at a cost of $300. Gamma's accountant debited the asset account, Delivery Vehicles. Was this treatment an error, and if so, what will be the effect on the financial statements of Gamma? The repair was accounted for correctly. The error increased assets and profit in 202X. In the years following 202x, net income will be too high. The error decreased profit in 202X. Question 5 (1 point) On a bank reconciliation, which of the following would be deducted from the balance per bank? Bank service charges. Electronic payment by a customer on account. Outstanding cheques. Deposits in transit. Question 6 (1 point)

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