- purchase insurance online
- purchase health insurance
- record producer
- billing accounts payable
I need help with this problem. I'm not sure if I know how to do it correctly. Thanks!
Oaktree Company purchased a new machine and made the following expenditures:
Purchase price $ 45,000
Sales tax 2,200
Freight charges for shipment of machine 700
Insurance on the machine for the first year 900
Installation of machine 1,000
The machine, 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.
To record the purchase of a machine:
To record prepaid insurance for the machine:
Oaktree Company purchased a new machine and made the following expenditures:
Purchase price $ 45,000
Sales tax 2,200
Freight charges for shipment of machine 700
Insurance on the machine for the first year 900
Installation of machine 1,000
The machine, 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.
To record the purchase of a machine:
To record prepaid insurance for the machine:
Accounting question?!?
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