Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price $ 59,000 Sales tax 5, 200 Shipment of equipment 840 549 Insurance on the equipment for the first year Installation of equipment 1,680 Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit

Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price $ 59,000 Sales tax 5, 200 Shipment of equipment 840 549 Insurance on the equipment for the first year Installation of equipment 1,680 Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...

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nt Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax $46,000 2, 300 Freight charges for shipnent of equipnent Insurance on the equipnent for the first year Installation of equipment 71e 910 1,100 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.) Journal entry worksheet > Record the purchase of equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet 11 Record any expenditures not capitalized in the purchase of equipment. Note Peter Oebits before credita Transaction General Journal Debit Credit 21
Knowledge Check 01 On October 1, equipment costing $10,700, on which $7,070 of accumulated depreciation has been recorded (through that date) was sold for $2,070 cash. Prepare the appropriate journal entry for the sale of the equipment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
Required information Skip to question [The following information applies to the questions displayed below.] The following transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year. Year 1 Acquired $73,000 cash from the issue of common stock. Purchased a used wrecker for $35,000 cash. It has an estimated useful life of three years and a $6,000 salvage value. Paid sales tax on the wrecker of $4,000. Collected $59,100 in towing fees. Paid $12,300 for gasoline and oil. Recorded straight-line depreciation on the wrecker for Year 1. Closed the revenue and expense accounts to Retained Earnings at the end of Year 1. Year 2 Paid for a tune-up for the wrecker’s engine, $1,200. Bought four new tires, $1,550. Collected $65,000 in towing fees. Paid $18,300 for gasoline and oil. Recorded straight-line depreciation for Year 2. Closed the revenue and expense accounts to Retained Earnings at…
takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false Calculator Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2.
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2:58 es Exercise 7-2 (Algo) Record purchase of equipment (LO7-1) Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax Shipment of equipment Insurance on the equipment for the first year Installation of equipment Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular tran Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the expenditures. All expenditures were paid in cash. Note: Enter debits before credits. $ 59,000 5,200 840 540 1,680 ol Journal Debit Credit
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< Capital and revenue expenditures Quality Move Company made the following expenditures on one of its delivery trucks: Replaced the transmission at a cost of $7,040. Paid $1,600 for installation of a hydraulic lift. Paid $71 to change the oil and air filter. March 20. June 11. November 30. Journalize the entry for each expenditure. If an amount box does not require an entry, leave it blank. March 20 June 11 November 30 00 00 00 00 00 00
Blue Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1 Balance 126,630 June 30 Cost of equipment sold Aug. 10 Purchases 31,540 (purchased prior to 2021) 21,250 12 Freight on equipment purchased 820 25 Installation costs 2,510 Nov. 10 Repairs 450 Assuming that company policy is to charge a full year depreciation in the year of purchase and the year of sale, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to 0 decimal places, e.g. 45,892.) (1) Straight-line $ (2) Sum-of-the-years'-digits