Rita is keen to grow her business and provided some information on two transactlonsthat she undertook during the year.The first was the purchase of an individual asset for the business called a Techpager.wwym wwThe initial cost of the machine itself was $32,000 with several extra required fees andcharges. Rita also decided to include a number of optional extras in the purchase.Installation of Techpager $1500Transportation and Shipping Costs $600Extended Warranty/Service Program $300 per year. This is an optionalservice offered by the company that covers all maintenance and repairscosts and is paid annually in advanceSorting and Stapling Unit $1200 (required to allow Rita to produce thebooklets for her business)Custom Painting $400 (Rita does not need to have this done but hasdecided she wants the machine to match her office décor)Insurance $500 per year payable in advancePrepare a general Journal entry to record the individual of the purchase business calledTechpager.

Cost of the asset is the asset cost which a person or a company incurs in order to purchase the…

Answered: Prepare a general Journal entry to…

Business

Accounting

Prepare a general Journal entry to record the individual of the purchase business called Techpager.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 9EB: Ronson recently purchased a new boat to help ship product overseas. The following information is...

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