1. For each of the following amounts paid by a purchaser, determine whether the amount is debited to Land, Land Improvements, or Building, Account Debited Transaction Building permits Cost of clearing land and removing unwanted buildings Parking lot lighting Delinquent property taxes on land Cost to renovate a building to make it ready for use Taxes assessed to transfer ownership (title) of land 2- Journalize the following transactions for Park Gift Shop. Explanations are not required. Park uses a perpetual inventory system Mar. 5: Purchased $4,400 of merchandise inventory on account, 3/10, n/EOM and FOB shipping point Mar. 9: Returned $700 of defective merchandise purchased on March 5. Mar. 11: Paid the freight bill of $250 on the March 5 purchase. Mar. 12: Sold merchandise inventory on account for $5,200, 2/15, n/30. These goods cost the company $3,700. Mar. 14: Paid amount owed on credit purchase of March 5, less the return and the discount Mar. 30: Received cash from the March 12 customer in full settlement of the debt. 3- Rally Auto Supplies, Inc. uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required. June 10 Sold $14,800 of merchandise on account, n/30. Cost of goods is $6,200. June 14 Received a $900 sales return from the customer. Cost of the goods is $400. Rally Auto Supplies receives payment from the customer for the amount due June 20 from the June 10 sale