Lapeer Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax Shipment of equipment Insurance on the equipment for the first year Installation of equipment $ 55,000 5,000 800 500 1,600 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.) View transaction list Journal entry worksheet 1 Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit < Prev 2 of 11 Next
Lapeer Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax Shipment of equipment Insurance on the equipment for the first year Installation of equipment $ 55,000 5,000 800 500 1,600 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.) View transaction list Journal entry worksheet 1 Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit < Prev 2 of 11 Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Lapeer Flour Mills purchased new equipment and made the following expenditures:
Purchase price
Sales tax
Shipment of equipment
Insurance on the equipment for the first year
Installation of equipment
$ 55,000
5,000
800
500
1,600
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.)
View transaction list
Journal entry worksheet
1
Record the expenditures. All expenditures were paid in cash.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
< Prev
2 of 11
Next
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