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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

FINANCIAL ACCOUNTING
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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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
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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