Oaktree Company purchased new equipment and made the following expenditures: Purchase Price $45,000 Sales Tax $2,200...
Oaktree Company purchased new equipment and made the following expenditures:
| Purchase Price | $45,000 | |
| Sales Tax | $2,200 | |
| Freigh Charges for shipment of machine | $700 | |
| Insurance on machine for 1st yr | $900 | |
| Installation of machine | $1,000 |
The Equipment, including sales tax, was purchase on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
REQUIRED:
Prepare the necessary journal entries to record the aboce expenditures.
Homework Answers
| Event | General Journal | Debit | Credit |
| 1. | Equipment($45,000 + 2,200 + 700 + 1,000) | $48,900 | |
| Accounts payable | $47,200 | ||
| Cash | $1,700 | ||
| 2. | Prepaid insurance | $900 | |
| Cash | $900 |
Add Answer to:
Oaktree Company purchased new equipment and made the following
expenditures:
Purchase Price
$45,000
Sales Tax
$2,200...
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