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BMW Ltd paid $399 to replace a damaged bumper bar on Sportcar A. What is...

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Question

Accounting

BMW Ltd paid $399 to replace a damaged bumper bar on Sportcar A. What is the most appropriate accounting treatment for this situation?

Group of answer choices

Dr. Repairs and maintenance $399

Cr. Cash $399

Dr. Sportcar A $399

Cr. Cash $399

No journal entry is required

No adjusting entry is required but require a disclosure as a note to the financial statements

Answer & Explanation Solved by verified expert
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