Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $74,000 5,950 Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures lis paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select Entry Required" in the first account field.)

Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $74,000 5,950 Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures lis paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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