Oaktree Company purchased new equipment and made the following expenditures:Purchase priceSales taxFreight charges for shipment of equipmentInsurance on the equipment for the first yearInstallation of equipmentThe equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listedabove 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 "Nojournal entry required" in the first account field.)View transaction listJournal entry worksheet<12Record the purchase of equipment.Note: Enter debits before credits.Transaction1$50,0002,7007509501,500General JournalDebitCredit>

Name: Oaktree Company purchased new equipment and made the following expend
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Description: Oaktree Company purchased new equipment and made the following expenditures:Purchase priceSales taxFreight charges for shipment of equipmentInsurance on the equipment for the first yearInstallation of equipmentThe equipment, including sales tax, was

Introduction: Accounting journal entries are used for physical payment transactions in the…

Business

Accounting

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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. $50,000 2,700 750 950 1,500 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.) View transaction list Journal entry worksheet

Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 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. $50,000 2,700 750 950 1,500 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.) View transaction list Journal entry worksheet

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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Exercise 7-2A Record purchase of equipment (LO7-1) Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price Sales tax ed $74,000 5,950 Shipment of machine Insurance on the machine for the first year Installation of machine 990 690 ok 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.) View transaction list Journal entry worksheet aw Next > e here to search Designed by Apple in Califormia Assembled in China
Oaktree Company purchased new equipment and made the following expenditures: Purchase price $45,000 2,200 Sales tax Freight charges for shipment of equipment Insurance on the equipment for the first year Installation of equipment 700 900 1,000 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.
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. POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2
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 i 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
Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021. 3.1 The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000. 3.2 The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES: Please dont provide answer in image format thnku
Oaktree Company purchased new equipment and made the following expenditures:Purchase price $45,000Sales tax 2,200Freight charges for shipment of equipment 700Insurance on the equipment for the first year 900Installation of equipment 1,000The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The otherexpenditures listed above were paid in cash.Required:Prepare the necessary journal entries to record the above expenditures.
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
On January 1, 2022, Swifty Company purchased the following two machines for use in its production process. Machine A: Machine B: (a) 1. 2. Prepare the following for Machine A. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) The cash price of this machine was $53,500. Related expenditures also paid in cash included: sales tax $2,600, shipping costs $100, insurance during shipping $120, installation and testing costs $80, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Swifty estimates that the useful life of the machine is 5 years with a $4,200 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 1. The recorded cost of this machine was $180,000. Swifty estimates that the useful life of the machine is 4 years with a $-9,100 salvage…
Assume that a town purchases $11,000 of supplies on account toward the end of the year. A year-end audit reveals that $3,000 of the inventories remain unused. Required: Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry assuming that the consumption method is used.
Accounting Two fixed assets are purchased during 2021: a copier for $10,987.65 on September 30, 2021 and an office desk for 5,432.10 on December 31, 2021. Depreciation entries are recorded at the end of each month. What will be general journal adjusting entry on December 31, 2021 for the depreciation of these fixed assets, if tax basis 150% MACRS is used?
Trinkle Company, Incorporated made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment List price: $36,100; terms: 2/10 n/30; paid within discount period. Transportation-in: $740. Installation: $580. Cost to repair damage during unloading: $615. Routine maintenance cost after six months: $260. Basket Purchase of Copier, Computer, and Scanner for $51,900 with Fair Market Values Copier, $22,500. Computer, $11,250. Scanner, $28,750. Land for New Warehouse with an Old Building Torn Down Purchase price, $75,700. Demolition of building, $5,070. Lumber sold from old building, $1,090. Grading in preparation for new building, $8,000 Construction of New Building Construction of new building, $231,000 RequiredIn case of office equipment, determine the amount of cost to be capitalized in the asset accounts. In case of basket purchase, determine the amount of cost to be capitalized in the asset accounts. In case of land,…
Rahman Company, a manufacturer of steel products, began operations on January 1, 2020. Rahman has a December 31 fiscal year-end and adjusts its accounts annually. Selected transactions related to its Brampton plant are as follows: Jan. 1, 2020 Paid cash for six (6) stamping machines for a total price of $15,300 plus delivery costs of $200 per unit Dec. 31, 2020 Recorded depreciation at year end. Assume that the stamping machines have a 5 year useful life and a residual (salvage) value of 10% of the original cost. Dec. 31, 2021 Recorded depreciation at year end. Jan. 1, 2022 One (1) stamping machine was sold for $1,250. . Dec. 31, 2022 Exchanged one (1) stamping machine for a welding machine. The list price of the welding machine was $8,000 and Rahman received a trade-in allowance for the stamping machine of $2,000 (remainder paid in cash). A new welding machine could be bought (without a trade-in) for $7,500. The fair market value of the stamping machine was $1,000.…