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On December 1, 2017, Hogan Co. purchased equipment From WeeSellEquipment (WSE) invoiced for $400,000. Not including...

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Accounting

On December 1, 2017, Hogan Co. purchased equipment FromWeeSellEquipment (WSE) invoiced for $400,000. Not including thefollowing:

Sales Tax (to be paid to theWSE)                                                         $40,000

Shipping (to be paid toFedEx)                                                                 10,000

Concrete slab necessary for equipment (to be paid toABC)                   30,000

Cash paid for 12 month prepaid maintenance concrete                          12,000

Prepare Journal Entry

Answer & Explanation Solved by verified expert
3.8 Ratings (463 Votes)

Equipment Cost=400000+10000+30000+40000
                       =$480,000
no Account Title Debit($) Credit($)
1 Equipment        4,80,000
                    FedEx(Shipping Exps)      10,000
                     ABC      30,000
                      WeeSellEquipment(WSE)(400,000+40,000) 4,40,000
( To record purchase purchased equipment )
2 Prepaid Maintenance 12000
                                Cash 12000
( To record the Prepaid Maintenance charges paid in cash )

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Transcribed Image Text

On December 1, 2017, Hogan Co. purchased equipment FromWeeSellEquipment (WSE) invoiced for $400,000. Not including thefollowing:Sales Tax (to be paid to theWSE)                                                         $40,000Shipping (to be paid toFedEx)                                                                 10,000Concrete slab necessary for equipment (to be paid toABC)                   30,000Cash paid for 12 month prepaid maintenance concrete                          12,000Prepare Journal Entry

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