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

Question

Orion Flour Mills purchased a new machine and made the following expenditures Purchase price Sales tax Shipment of machine Insu Installation of machine $74,000 5,950 990 690 1,980 rance on the machine for the first year 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the expenditures for the new machine Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Transaction General Journal Debit Credit 1 Equipment($74,000 + $5,950 + $990 + $1,980) $82,920 Prepaid insurance $690 Cash $3,660 Accounts payable $79,950

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