Oaktree Company purchased new equipment and made the following expenditures:

The equipment, including sales tax, was purchased 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 above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Purchase price

$

51,000

Sales tax

2,800

Freight charges for shipment of equipment

760

Insurance on the equipment for the first year

960

Installation of equipment

1,600

Journal entry worksheet

Record the purchase of equipment.

Note: Enter debits before credits.

Event

General Journal

Debit

Credit

1

Journal entry worksheet

Record any expenditures not capitalized in the purchase of equipment.

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
2