Answer: (a)Dr: Cash $23,000, Cr : Machine $23,000, (b) Dr : Cash $92,000, Cr : Machine $92,000, (c) Dr: insurer $33,500, Cr: Machine $33,500
Explanation:
(a) The journal entry will be
Dr: Cash $23,000
Cr : Machine(Asset) $23,000
(b) The journal entry will be
Dr: Cash $92,000
Cr: Machine (Asset) $92,000
(c) The journal entry will be
Dr: insurer $33,500
Cr Machine( Asset ) $33,500
