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Oliver Company has acquired a used piece of equipment for $5,000 and paid transportation costs of $250. The equipment was damaged immediately after installation,
Oliver Company has acquired a used piece of equipment for $5,000 and paid transportation costs of $250. The equipment was damaged immediately after installation, but after it was up and running, which resulted in a $100 repair. The journal entry would be (assuming it was paid in cash): OA. Equipment Cash 5,350 5,350 OB. Equipment 5,000 Delivery Expense 250 Repair Expense 100 Cash 5,350 OC. Cash 5,350 Delivery Expense Equipment 250 5,100 OD. Equipment 5,250 Repair Expense 100 Cash 5,350
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