On August 31st, Gralla Dairy acquired Rotolactors for milking cows. Industrial Rotolactors cost over $4,000 per machine. They sold 3000 shares of their stock for $50 per share. 

Required: Prepare the journal entry to record the purchase of the machinery. Date Account and Explanation Debit Credit Aug. 31 Rotalactor Common Stock.

Answer rating: 100% (QA)

Based on the information provided the journal entry to record t... View the full answer