Oaktree Company purchased new equipment and made the following expenditures: ...
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Accounting
Oaktree Company purchased new equipment and made the following expenditures:
| Purchase price | $ | 54,000 | |
| Sales tax | 3,100 | ||
| Freight charges for shipment of equipment | 790 | ||
| Insurance on the equipment for the first year | 990 | ||
| Installation of equipment | 1,900 | ||
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.)
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