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
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.
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Authors: Oren Rohleder
1st Edition
B0B1M56DMY, 979-8829314019
