Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2,300 718 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 910 1,100 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.) Journal entry worksheet 2 Record the purchase of equipment. Note: Eriter debits before credits Transaction General Journal Debit Credit Journal entry worksheet cord any expenditures not capitalized in the purchase of equipment. Note Enter debits before credita Transaction General Journal Debit Credit 2.

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2,300 718 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 910 1,100 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.) Journal entry worksheet 2 Record the purchase of equipment. Note: Eriter debits before credits Transaction General Journal Debit Credit Journal entry worksheet cord any expenditures not capitalized in the purchase of equipment. Note Enter debits before credita Transaction General Journal Debit Credit 2.

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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