Orion Flour Mills purchased a new machine and made the following expenditures:

Orion Flour Mills purchased a new machine and incurred the following expenses:

Answer 1

Dr Equipment 62400 Dr Prepaid Insurance 500 Cr Cash 2900 Cr Accounts Payable 60,000 Explanation: Preparation of accounting entry to record the above expenses for the new machine. Dr Equipment 62400 Dr Insurance Prepaid 500 Cr Cash 2900 Cr Accounts Payable 60,000 (62,400+500-2900) Equipment: Purchase Price (55,000 USD) + Sales Tax (5,000) + Shipping (800) + Installation ( 1,600 ) = Total cost 62,400 Cash: Machine shipping (800) + Machine insurance ((500)) + Machine installation (1,600) = 2,900

answer 2

Answer; buy the note at a discount to the par value to be received at maturity;

answer 3

meets supplies;

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