Solution-Item land building other accounts

Item land building other accounts

Assignment Help Cost Accounting

Reference no: EM13550282

Mia Fitness Club was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order

Debits
1. Accrued real estate taxes paid at time of purchase of real estate	$ 2,000
2. Real estate taxes on land paid for the current year	3,000
3. Full payment to building contractor	600,000
4. Excavation costs for new building	25,000
5. Cost of real estate purchased as a plant site (land $100,000 and building $25,000)	125,000
6. Cost of parking lots and driveways	15,000
7. Architect's fees on building plans	10,000
8. Installation cost of fences around property	4,000
9. Cost of demolishing building to make land suitable for construction of new building	21,000
	$805,000
Credit
10. Proceeds from salvage of demolished building	$ 2,500

Instructions

Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the item space, and insert the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. Item Land Building Other Accounts

Reference no: EM13550282

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Item land building other accounts : Analyze the foregoing transactions using the column headings - plant asset expenditures and receipts were recorded in random order

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Item land building other accounts

Reference no: EM13550282

Reference no: EM13550282

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