Dewey Company was organized on January 1. During the first year of operations, the following plant asset
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Dewey Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.
InstructionsAnalyze the foregoing tranactions 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 entered in the Other Accounts column, also indicate the account title. Item Land Building OtherAccounts
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Debits 1. Accrued real estate taxes paid at time of purchase of real estate 2. Real estate taxes on land paid for the current year 3. Full payment to building contractor 4. Excavation costs for new building 5. Cost of real estate purchased as a plant site (land $75.000 and building $25,000) 6. Cost of parking lots and driveways 7. Architect's fees on building plans 8. Installation cost of fences around property 9. Cost of demolishing building to make land suitable for construction of new building $ 5,000 7,500 500,000 19,000 100,000 18,000 9,000 6,000 17.000 $681,500 Credit $ 3,500 10. Proceeds from salvage of demolished building
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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