Knowledge Check Tri Golf Course purchased a golf cart at a cash price of $14,500. Related cash expenditures are sales taxes $824, shipping costs $60, insurance during shipping $40, and a 3-year liability insurance policy, $360. What is the recorded cost of the golf cart? Cost of cart $ Prepare a journal entry to record the costs incurred by Tri Golf Course. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation (To record purchase of equipment and related expenditures) Debit Credit
Knowledge Check Tri Golf Course purchased a golf cart at a cash price of $14,500. Related cash expenditures are sales taxes $824, shipping costs $60, insurance during shipping $40, and a 3-year liability insurance policy, $360. What is the recorded cost of the golf cart? Cost of cart $ Prepare a journal entry to record the costs incurred by Tri Golf Course. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation (To record purchase of equipment and related expenditures) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tri Golf Course purchased a golf cart at a cash price of $14,500. Related cash expenditures are sales taxes $824, shipping costs
$60, insurance during shipping $40, and a 3-year liability insurance policy, $360.
What is the recorded cost of the golf cart?
Cost of cart $
Prepare a journal entry to record the costs incurred by Tri Golf Course. (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles
and enter O for the amounts.)
Account Titles and Explanation
(To record purchase of equipment and related expenditures)
Debit
Credit
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