Question
A company made the following expenditures related to its restaurant: 1. Replaced the heating and air conditioning equipment a cost of $15,000. 2. Remodeled the
A company made the following expenditures related to its restaurant:
1. Replaced the heating and air conditioning equipment a cost of $15,000.
2. Remodeled the restaurant building. The total cost of the project was $150,000.
3. Performed annual building maintenance at a cost of $47,000.
4. Paid annual insurance premium on the property for the coming year, $7,700.
5. Purchased a new delivery truck, $22,500.
6. Landscaped the property and added outdoor lights, $9,000.
Required:
Assume the company credits cash for each of these expenditures. Indicate the account to be debited for each of these expenditures.
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