Oaktree Company purchased new equipment and incurred the following expenses: Purchase price ps 53,000 Sales tax 3,000 Freight charges for equipment shipment 780 Equipment insurance for the first year 980 Installation of equipment 1,800 The equipment, including sales tax, was purchased on an open account, due in 30 days. The other expenses listed above were paid in cash. Required: Prepare

Sep 8, 2023

Oaktree Company purchased new equipment and incurred the following expenses:

Purchase price ps 53,000
Sales tax 3,000
Freight charges for equipment shipment 780
Equipment insurance for the first year 980
Installation of equipment 1,800

The equipment, including sales tax, was purchased on an open account, due in 30 days. The other expenses listed above were paid in cash.

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Oaktree Company purchased new equipment and incurred the following expenses: Purchase price ps 53,000 Sales tax 3,000 Freight charges for equipment shipment 780 Equipment insurance for the first year 980 Installation of equipment 1,800 The equipment, including sales tax, was purchased on an open account, due in 30 days. The other expenses listed above were paid in cash. Required: Prepare
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Required:
Prepare the necessary journal entries to record the above expenses. 

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