Asked by Writes Wanderlust on Jun 23, 2024
Verified
On January 1,2019,Trenton Company purchased a machine costing $50,000.Trenton also incurred the following costs: transportation,$1,000;installation,$2,000;and sales tax,$3,000.
Prepare the journal entry to record the machine acquisition assuming cash was paid.
Journal Entry
A record in accounting that represents a transaction in which there has been a change in the value of the company's assets, liabilities, or equity.
Installation Costs
Expenses associated with setting up or installing equipment, machinery, or software, making them ready for use.
- Comprehend the basic accounting principles related to tangible assets, like buildings and machinery, covering their acquisition, amortization, and divestment.
Verified Answer
AS
*Computations:
Learning Objectives
- Comprehend the basic accounting principles related to tangible assets, like buildings and machinery, covering their acquisition, amortization, and divestment.
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