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Oaktree Company purchased a new machine and made the following expenditures

Oaktree Company purchased a new machine and made the following expenditures
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ACCOUNTING

Exercise 10-2 Oaktree Company purchased a new machine and made the following expenditures:
Purchased price $45,000
Sales tax 2,000
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 order expenditures listed above were paid in cash.

Required:
Prepare the necessary journal entries to record the above expenditures.

 

FILE: MS WORD

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