Oaktree Company purchased new equipment and made the following expenditures:Purchase priceSales taxFreight charges for shipment of equipmentInsurance on the equipment for the first yearInstallation of equipmentThe equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listedabove 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 "Nojournal entry required" in the first account field.)View transaction listJournal entry worksheet<12Record the purchase of equipment.Note: Enter debits before credits.Transaction1$50,0002,7007509501,500General JournalDebitCredit>

Name: Oaktree Company purchased new equipment and made the following expend
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Description: Oaktree Company purchased new equipment and made the following expenditures:Purchase priceSales taxFreight charges for shipment of equipmentInsurance on the equipment for the first yearInstallation of equipmentThe equipment, including sales tax, was

Introduction: Accounting journal entries are used for physical payment transactions in the…

Business

Accounting

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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. $50,000 2,700 750 950 1,500 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 field.) View transaction list Journal entry worksheet

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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. $50,000 2,700 750 950 1,500 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 field.) View transaction list Journal entry worksheet

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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Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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 field.) View transaction list Journal entry worksheet < 1 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.
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Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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 field.) View transaction list Journal entry worksheet < 1 $50,000 2,700 750 958 1,500 2 Record the purchase of equipment.