Benedict Company incurred the following costs. Indicate to which account Benedict would debit each of the costs. No. 1. 2. 3. Transactions Sales tax on factory machinery purchased Painting of and lettering on truck immediately upon purchase Installation and tort machinon $5,000 700 2.000 Account
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Kk.427.
![Benedict Company incurred the following costs. Indicate to which account Benedict would debit each of the costs.
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Transactions
Sales tax on factory machinery purchased
Painting of and lettering on truck immediately upon purchase
Installation and testing of factory machinery
Real estate broker's commission on land purchased
Insurance premium paid for first year's insurance on new truck
Cost of landscaping on property purchased
Cost of paving parking lot for new building constructed
Cost of clearing, draining, and filling land
Architect's fees on self-constructed building
$5,000
700
2,000
3,500
880
7,200
17,900
13,300
10,000
Account
>
>
>
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- Determining the cost of an asset Highland Clothing purchased land, paying $96,000 cash and signing a $300,000 note payable. In addition, Highland paid delinquent property tax of $1,100, title insurance costing $600, and $4,600 to level the land and remove an unwanted building. Record the journal entry for the purchase of the land.The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(292,600 ) (b) Payment for construction from note proceeds 292,600 (c) Cost of land fill and clearing 11,790 (d) Delinquent real estate taxes on property assumed by purchaser 7,630 (e) Premium on 6-month insurance policy during construction 11,040 (f) Refund of 1-month insurance premium because construction completed early (1,840 ) (g) Architect’s fee on building 25,450 (h) Cost of real estate purchased as a plant site (land $200,400 and building $52,600) 253,000 (i) Commission fee paid to real estate agency 8,320 (j) Installation of fences around property 3,930 (k) Cost of razing and removing building 11,710 (l) Proceeds from salvage of…The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(294,600 ) (b) Payment for construction from note proceeds 294,600 (c) Cost of land fill and clearing 10,250 (d) Delinquent real estate taxes on property assumed by purchaser 7,170 (e) Premium on 6-month insurance policy during construction 11,100 (f) Refund of 1-month insurance premium because construction completed early (1,850 ) (g) Architect’s fee on building 26,350 (h) Cost of real estate purchased as a plant site (land $208,600 and building $51,900) 260,500 (i) Commission fee paid to real estate agency 9,500 (j) Installation of fences around property 4,120 (k) Cost of razing and removing building 10,230 (l) Proceeds from salvage of…
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