Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $55,000
Sales tax 5,000
Shipment of machine 800
Insurance on the machine for the first year 500
Installation of machine 1,600
The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:Record the above expenditures for the new machine.
TransactionGeneral JournalDebitCredit

Orion Flour Mills Journal entry

Dr Equipment 62,400

Dr Prepaid Insurance500

Cr Cash2,900

Cr Accounts Payable60,000

Explanation:

Calculation for cost of equipment

Purchase price55,000

Add: Sales tax5,000

Add: Shipment of machine800

Add: Installation1,600

Total Cost of Equipment62,400

Calculation for Cash

Shipment of machine800

Add Insurance on the machine for the first year 500

Add Installation1,600

Total Cash 2,900

Calculation for Accounts Payable

Purchase price55,000

Add: Sales tax5,000

Total Account payable 60,000

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the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.