Exercise 7-2 (Static) Record purchase of equipment (L07-1) Orion Flour Mills purchased new equipment and made the following expenditures: Purchase price $ 75,000 Sales tax 6,000 Shipment of equipment 1,000 Insurance on the equipment for the first year Installation of equipment 2,000 Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 700 No Credit Transaction 1 1 Answer is complete but not entirely correct. General Journal Equipment Prepaid Insurance Cash Accounts Payable Debit 84,000 700 3,700 81.000 x