Orion Flour Mills purchased a new machine and made the following expenditures:Purchase priceSales tax$74,0005,950Shipment of machineInsurance on the machine for the first yearInstallation of machine9906901,980The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above werepaid in cash.Required:Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheet< Prey2 of 20Next >re to searchASUS he machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above werepaid in cash.Required:Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No JournalEntry Required" in the first account field.)View transaction listJournal entry worksheetRecord the expenditures for the new machine.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit< Prev2 of 20Next >Co searchASUS

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Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $74,000 5,950 Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 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 Entry Required" in the first account field.)

Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $74,000 5,950 Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 1,980 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 Entry Required" in the first account field.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 43E

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