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How should the company record this transaction

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Question - A company purchased office equipment for $24,500 and paid $1,470 in sales tax, $550 for installation, $3,200 for a needed adjustment to the equipment, and $2,600 for supplies that will be used for periodic routine maintenance. How should the company record this transaction?

Debit Equipment $24,500, debit Repairs and Maintenance Expense for $5,220, debit Supplies for $2,600, and credit Cash for $32,320.

Debit Equipment for $29,720, debit Supplies for $2,600, and credit Cash for $32,320.

Debit Equipment for $25,970, debit Repairs and Maintenance Expense $3,750, debit Supplies for $2,600, and credit Cash for $32,320.

Debit Equipment and credit Cash for $32,320.

Reference no: EM132055438

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