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Please help finish :) Orion Flour Mills purchased a new machine and made the following expenditures: $59,000 5,200 Purchase price Sales tax Shipment of machine
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Orion Flour Mills purchased a new machine and made the following expenditures: $59,000 5,200 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 840 540 1,680 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 64,200 X 540 Equipment Prepaid Insurance Cash Accounts Payable 3,060 69,400 XStep by Step Solution
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