User Account

All Pages

Prepare necessary journal entries to record expenditures

Assignment Help Accounting Basics
Reference no: EM132480722

Question - Oaktree Company purchased new equipment and made the following expenditures:

Purchase price $57,000

Sales tax 3,400

Freight charges for shipment of equipment 820

Insurance on the equipment for the first year 1,020

Installation of equipment 2,200

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.

Reference no: EM132480722

Questions Cloud

Prepare the purchases journal or cash payments journal : Prepare the Purchases Journal or Cash Payments Journal or General Journal,Select the appropriate special journal in which the transaction should be entered.
Addressing trans athletes involvement in sport : What are the major issues when addressing trans athletes' involvement in sport? How does sport media shape the discussion?
What are womens clothing barriers in sports : What are womens clothing barriers in sports, recreation, and physical activity back in the early 1900's?
Determine and compute diluted earnings per share : Compute diluted earnings per share for 2020, assuming the same facts as above, except that $990,000 of 6% convertible preferred stock
Prepare necessary journal entries to record expenditures : The equipment, including sales tax, was purchased on open account, with payment due in 30 days. Prepare necessary journal entries to record expenditures
Compute diluted earnings per share : On January 1, 2020, Blossom Company issued 10-year, Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)
What are the tensions between femininity and athleticism : What are the Tensions between femininity and athleticism for women in sports?
Factors for domestic violence of unmarried persons : What are the major contributing factors for domestic violence of unmarried persons?
Prepare the statement of financial position as at that date : Prepare the Statement of Financial Position as at that date, Prepare the Statement of Profit or Loss for Maju Jaya Trading for the year ended 31 August 20X1.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd