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How to remember this on test Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures:

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How to remember this on test

Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $57,000 5,100 820 520 1,640 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. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the expenditures for the new machine. Note: Enter debits before credits. View transaction list Journal entry worksheet Record the expenditures for the new machine. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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