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Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 75,000 Sales tax 6,000 Shipment of machine 1,000 Insurance on the machine for the first year 700 Install

Orion Flour Mills purchased a new machine and made the following expenditures:
Purchase price $ 75,000
Sales tax 6,000
Shipment of machine 1,000
Insurance on the machine for the first year 700
Installation of machine 2,000

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.

 

Aug 24 2020 View more View Less

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