Knowledge Check

Tri Golf Course purchased a golf cart at a cash price of $$14,500.$ Related cash expenditures are sales taxes $$824,$ shipping costs $$60,$ insurance during shipping $$40,$ and a $3-$year liability insurance policy, $$360.$

What is the recorded cost of the golf cart?

Cost of cart

Prepare a journal entry to record the costs incurred by Tri Golf Course. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase of equipment and related expenditures$)$