Question
Oaktree Company purchased new equipment and made the following expenditures: Purchase price$ 60,000Sales tax3,700Freight charges for shipment of equipment850Insurance on the equipment for the first
Oaktree Company purchased new equipment and made the following expenditures:
Purchase price$ 60,000Sales tax3,700Freight charges for shipment of equipment850Insurance on the equipment for the first year1,050Installation of equipment2,500The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash.
JOURNAL ENTRY WORKSHEET TAB 1 Record the purchase of equipment. ----------- Transaction: General Journal: Debit: Credit
TAB2: Record any expenditures not capitalized in the purchase of equipment Transaction: General Labor: Debit: Credit:
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Basic Accounting Concepts Principles And Procedures Volume 2
Authors: Gregory Mostyn, Worthy And James
1st Edition
0979149495, 9780979149498
