Journalize the Following Transactions

question 53

Essay

Journalize the following transactions:
Feb 21 Purchased machinery for $4,500 on account.
Feb 23 Paid the shipping company $400 to get the machinery delivered.
Aug 1 Paid for the outstanding invoice from February 21.
Dec 31 Recorded depreciation on the machinery assuming the company
uses the units of production method, estimates total production to be
100,000 units, and has produced 12,000 units this year.
Dec 31 Paid $300 for minor repairs on the machine.

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Definitions:

Derived Demand

The linkage between consumers’ demand for a company’s output and its purchase of necessary inputs to manufacture or assemble that particular output.

Waiting Lists

Lists of individuals or entities that are waiting to receive a service, product, or opportunity, often used when demand exceeds current supply or capacity.

RFP Process

The procedure by which a company invites selected vendors or contractors to submit proposals on a specific product or service.

Value Creation

is the process through which businesses generate value for customers, shareholders, and society, often leading to competitive advantage.