1 Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment $62, BD 3,90 Be 1,07a 2.ee polas el 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 feld.) View transactions PE Journal entry worksheet erences 2 > Record the purchase of equipment RE Transaction General Tournal Debit Credit Next Purchase price sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment $62,000 3,900 870 1,070 2,700 2 point The equipment, including sales tax, was purchased on open account with payment due in 30 days. The other expenditures Inted 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 fleld.) View transaction est Journal entry worksheet