AC301-Unit4ExcelTemplate

AC301-Unit4ExcelTemplate - The Voiture Company manufactures...

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Unformatted text preview: The Voiture Company manufactures compact, energy-efficient cars. On April 1, it purchased a machine for its assembly line at a contract price of $200,000 with terms of 2/10, n/30. The company paid the contract price on April 8 and also incurred installation and transportation cost of $5,000, sales tax of $10,000, and testing costs of $2,000. During testing, the machine was accidentally damaged, so the company had to pay $1,000 to repair it. Required Prepare the journal entry to record the acquisition of the machine. E10-3 Acquisition Costs Name: Catrina Adams-You An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required Prepare the journal entry to record the acquisition of the machine. Machine $213,000 Repair Expense 1,000 Cash $214,000 E10-3 Acquisition Costs Name: Solutions An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required Prepare the journal entry to record the acquisition of the machine. Machine $213,000 Repair Expense 1,000 Cash $214,000 E10-3 Acquisition Costs On August 2, 2010, Darmow Corporation purchased a new machine on a deferred payment basis. It made a down payment of $1,000 and will make four monthly installments of $2,500 each beginning on September 1, 2010. The cash equivalent price of the machine was $9,500. Darmow incurred and paid installation costs amounting to $300. Required Prepare the journal entry to record the acquisition of the machine. E10-5 Determination of Acquisition Cost Name: Catrina Adams-You An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions....
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This note was uploaded on 07/05/2011 for the course ACCT 300 taught by Professor Professormiller during the Spring '10 term at Kaplan University.

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AC301-Unit4ExcelTemplate - The Voiture Company manufactures...

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