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Arely Waters Jr.

Feb 11, 2025

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

Orion Flour Mills recently acquired a new machine to enhance their operations. As part of the purchase, the company incurred the following expenditures:

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Dr Equipment 62400Dr Prepaid Insurance 500Cr Cash 2900Cr Accounts Payable 60,000Explanation:Preparation of the journal entry to Record the above expenditures for the new machine.Dr Equipment 62400Dr Prepaid Insurance 500Cr Cash 2900Cr Accounts Payable 60,000(62,400+500-2900)Equipment:Purchase price ($55,000) + Sales tax (5,000) + Shipping (800) + Installation (1,600) =Total cost 62400Cash:Shipment of machine (800) + Insurance on the machine ((500)) +Installation of the machine (1,600) = 2900
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Lola Smitham DVM

Dec 22, 2024

answer; buying the bill at a discount from the face value to be received at maturity;
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