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Question:

A big departmental store purchased new computing equipment. Following are the information related to the purchase and installation of the computing system:  (3 marks)

a.  Invoice value of machine was $85,000.

b.  further to invoice value sales taxes of $5,000 was also paid.

c.  delivery charges of the equipment totaled $300.

d.  Installation cost paid was $500.

e. due to mishandling, one of the computer part was accidentally damaged. replaced part costs $450. 


Instructions:

a. Compute the total cost debited to the Store's Computing Equipment account.

b. Make journal entry of the transaction.

Step-by-step answer

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