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lukranit [14]
2 years ago
11

Orion Flour Mills purchased a new machine and made the following expenditures:

Business
1 answer:
GrogVix [38]2 years ago
8 0

Answer:

Dr Equipment 62400

Dr Prepaid Insurance 500

Cr Cash 2900

Cr Accounts Payable 60,000

Explanation:

Preparation of the journal entry to Record the above expenditures for the new machine.

Dr Equipment 62400

Dr Prepaid Insurance 500

Cr Cash 2900

Cr Accounts Payable 60,000

(62,400+500-2900)

Equipment:

Purchase price ($55,000) + Sales tax (5,000) + Shipping (800) + Installation (1,600) =

Total cost 62400

Cash:

Shipment of machine (800) + Insurance on the machine ((500)) +Installation of the machine (1,600) = 2900

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