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Company purchased equipment for $400 cash

Accounting

Company purchased equipment for $400 cash. Related expenditures were sales taxes $40, insurance during transit $30, oil for testing $20, one-year insurance policy $500, freight charges during transit $10, and $200 on oil to be used by the equipment in the first year. All costs are paid for cash. The cost of the equipment is: * $1,000 $500 $200 $100 None of the above
Journal entry for the acquisition of equipment will include: * Debit Cash and Credit Equipment. Credit Cash and Credit Equipment. Credit Cash and Debit Equipment. Debit Equipment and Credit Accounts Payable. Debit Equipment and Credit Accounts Receivables.

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