RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing maintains a lot of inventory and uses NetSuite as their ERP system. RAM Manufacturing recently purchased a new laser marking machine for $27,500 and a used industrial strength lathe for $25,300. $1,950 worth of cleaning and maintenance was required to get the lathe ready for use. RAM Manufacturing took out an equipment loan for $40,000 and paid the remainder in cash. Record the journal entry.

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The Answer of RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. RAM Manufacturing maintains a lot of inventory and uses NetSuite as their ERP system. RAM Manufacturing recently purchased a new laser marking machine for $27,500 and a used industrial strength lathe for $25,300. $1,950 worth of cleaning and maintenance was required to get the lathe ready for use. RAM Manufacturing took out an equipment loan for $40,000 and paid the remainder in cash. Record the journal entry.

RAM Manufacturing LLC Is a Rapidly Growing Manufacturer of Parts