Instructions Instructions Chart of Accounts General Journal Voiture Company manufactures compact, energy-efficient cars. On April 1,...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66577e85e2681_05366577e85dd4cf.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66577e86352cf_05466577e862e5a6.jpg)
Transcribed Image Text:
Instructions Instructions Chart of Accounts General Journal Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $600,000 with terms of 2/10, n/30. Voiture paid the contract price on April 8 and also incurred installation and transportation costs of $4,000, sales tax of $48,000, and testing costs of $2,000. During testing, the machine was accidentally damaged, so the company had to pay $1,000 to repair it. Required: Prepare the journal entry to record the acquisition of the machine. Instructions Instructions Chart of Accounts General Journal Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $600,000 with terms of 2/10, n/30. Voiture paid the contract price on April 8 and also incurred installation and transportation costs of $4,000, sales tax of $48,000, and testing costs of $2,000. During testing, the machine was accidentally damaged, so the company had to pay $1,000 to repair it. Required: Prepare the journal entry to record the acquisition of the machine.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Find an expression for the deviation in angle between a stationary plumbline and the local vertical at a latitude , and calculate the maximum value of this deflexion. Assume the Earth to be a uniform...
-
A sod farmer wants to fertilize a rectangular plot of land \(150 \mathrm{ft}\) by \(240 \mathrm{ft}\). A bag of fertilizer covers \(5,000 \mathrm{ft}^{2}\) and costs \(\$ 200\). How much will it cost...
-
Consider a recent interaction you had with some aspect of public administration. How would you describe your role? What approach did the agency or official take toward you in that role? How...
-
Willard Company manufactures three different sizes of automobile sunscreens: large, medium, and small. Willard expects to incur $360,000 of overhead costs during the next fiscal year. Other budget...
-
A new project has an initial cost of $285,000. The equipment will be depreciated on a straight-line basis to a zero book value over the five-year life of the project. The projected net income each...
-
51. The failure to properly record an adjusting entry to accrue an expense will result in an: a. understatement of expenses and an understatement of liabilities. b. understatement of expenses and an...
-
What recommendations do you have to increase the likelihood of success? E.g., how would you reduce the likelihood of having to go back to A4? How would you reduce the impact of having to go back to...
-
Problem 4 An electrically heated, square plate (0.4mx 0.4 mx0.005 m) is suspended in air of temperature Too = 20C. Find the electrical power needed to maintain the plate at T=95C if the plate is (a)...
-
Number of units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending inventory 650 In the table below, calculate the dollar value for the period for each of...
-
10. Dr. D went to MGM Springfield casino while the class was taking their midterm exam. He played a Konami machine entitled 88 Fortunes. A slot attendant accidently left the slot manual next to the...
-
10.) Steam enters a well-insulated turbine at 6 MPa, 400C and expands to 200 kPa, saturated vapor at a rate of 10 kg/s. (a) Draw a schematic of the process (5 pts). (b) Determine the exergy...
-
Bill has won a $1,000,000 lottery prize. The lottery has offered Bill a few options in how he can receive his prize. 1.Receivethe $1,000,000today. OR 2.An annuity of $23,900paid Quarterly for 13...
-
Wait: Do not rush to adopt, but do not dismiss the approach either. Give the new idea time to succeed or fail.
-
Experiment: Set up a trial, gather the evidence, review, and continue if successful.
-
Look for results: Did the new approach make the improvements that were expected? Were there any side effects? Would this work in your organization, or would your culture, systems, and structures be...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App