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Orion Flour Mills purchased new equipment and made the following expenditures: Purchase price $ 75,000 Sales tax 6,000 Shipment of equipment 1,000 Insurance on the
Orion Flour Mills purchased new equipment and made the following expenditures:
Purchase price | $ 75,000 |
---|---|
Sales tax | 6,000 |
Shipment of equipment | 1,000 |
Insurance on the equipment for the first year | 700 |
Installation of equipment | 2,000 |
Required:
Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
I need help solving the answers in red that I got wrong
Journal entry worksheet Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. Answer is complete but not entirely correct
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