Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 63,000...
Orion Flour Mills purchased a new machine and made the following expenditures:
| Purchase price | $ | 63,000 | |
| Sales tax | 5,400 | ||
| Shipment of machine | 880 | ||
| Insurance on the machine for the first year | 580 | ||
| Installation of machine | 1,760 | ||
The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:
Record the above expenditures for the new machine
Homework Answers
| General Journal | Debit | Credit | |
| Equipment | 71040 | ||
| Prepaid Insurance | 580 | ||
| Cash | 3220 | =880+580+1760 | |
| Accounts Payable | 68400 | =63000+5400 | |
| Workings: | |||
| Purchase price | 63000 | ||
| Add: Sales tax | 5400 | ||
| Add: Shipment of machine | 880 | ||
| Add: Installation | 1760 | ||
| Cost of Equipment | 71040 |
Add Answer to:
Orion Flour Mills purchased a new machine and made the following
expenditures:
Purchase price
$
63,000...
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