Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ojha Bakery purchased industrial baking ovens from Jang Appliance Manufacturing, Inc. for a purchase price of $367,000, plus $10,000 in shipping costs. When the ovens
Ojha Bakery purchased industrial baking ovens from Jang Appliance Manufacturing, Inc. for a purchase price of $367,000, plus $10,000 in shipping costs. When the ovens arrived, employees of Ojha Bakery installed the ovens in the factory at a labor cost of $20,000. Ojha also hired an electrical contractor to perform some of the electrical work needed to get the ovens set up. Once 1 the ovens were functional, Qjha ran some test bakes through the ovens, at a cost of $2,000 and installed new timers on the ovens at a cost of $1,000. Finally, Ojha began using the ovens to bake bread and other products for its customers on January 1, 2022. Required: 1. Give the journal entry that Ojha Bakery would have to make to record the acquisition of the ovens, including all relevant costs
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started