Homework Answers
| No | Account | Debit | Credit |
|---|---|---|---|
| 1 | Equipment | 61,000 | |
| Cash (800+2000) | 2,800 | ||
| Accounts Payable (55,000+3,200) | 58,200 | ||
| 2 | Prepaid insurance | 1,000 | |
| Cash | 1,000 | ||
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Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges...
Oaktree Company purchased new equipment and made the following expenditures: Purchase price $ 53,000 Sales tax...
Oaktree Company purchased new equipment and made the following expenditures: Purchase price $ 53,000 Sales tax 3,000 Freight charges for shipment of equipment 780 Insurance on the equipment for the first year 980 Installation of equipment 1,800 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...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year 930 630 Installation of machine 1,860 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $71,000 5,800 960 660 1,920 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Oaktree Company purchased new equipment and made the following expenditures: Purchase price $ 59,000 Sales tax...
Oaktree Company purchased new equipment and made the following expenditures: Purchase price $ 59,000 Sales tax 3,600 Freight charges for shipment of equipment 840 Insurance on the equipment for the first year 1,040 Installation of equipment 2,400 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
Oaktree Company purchased new equipment and made the following expenditures:
Oaktree Company purchased new equipment and made the following expenditures: Purchase price$54,000Sales tax3,100Freight charges for shipment of equipment790Insurance on the equipment for the first year990Installation of equipment1,900 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.)
Oaktree Company purchased new equipment and made the following expenditures: Purchase Price $45,000 Sales Tax $2,200...
Oaktree Company purchased new equipment and made the following expenditures: Purchase Price $45,000 Sales Tax $2,200 Freigh Charges for shipment of machine $700 Insurance on machine for 1st yr $900 Installation of machine $1,000 The Equipment, including sales tax, was purchase 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 aboce expenditures.
Belltone Company made the following expenditures related to its 10-year-old manufacturing facility: 1. The heating system...
Belltone Company made the following expenditures related to its 10-year-old manufacturing facility: 1. The heating system was replaced at a cost of $230,000. The cost of the old system was not known. The company accounts for improvements as reductions of accumulated depreciation. 2. A new wing was added at a cost of $830,000. The new wing substantially increases the productive capacity of the plant. 3. Annual building maintenance was performed at a cost of $20,500. 4. All of the equipment...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6%...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (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 Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6%...
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (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 Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insur ance on the machine for the first year Installation of machine $58,000 5, 150 830 530 1, 660 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event,...
Orion Flour Mills purchased a new machine and made the following expenditures: $68,000 5,650 Purchase price Sales tax Shipment of machine Insurance on the machine for the first year 930 630 Installation of machine 1,860 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $71,000 5,800 960 660 1,920 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal...
Belltone Company made the following expenditures related to its 10-year-old manufacturing facility: 1. The heating system was replaced at a cost of $230,000. The cost of the old system was not known. The company accounts for improvements as reductions of accumulated depreciation. 2. A new wing was added at a cost of $830,000. The new wing substantially increases the productive capacity of the plant. 3. Annual building maintenance was performed at a cost of $20,500. 4. All of the equipment...
During December, Rainey Equipment made a $668,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (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 Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
During December, Rainey Equipment made a $634,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (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 Record the credit sale. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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