Question
Explain how you would decide whether to record each of the following expenditures as an assets or an expense. Assjume all items are material a.
Explain how you would decide whether to record each of the following expenditures as an assets or an expense. Assjume all items are material
a. Legal fees paid in connection with purchase of land are $1500
b. Eduardo, Inc. paves the driveway leading to the office buildin at a cost of $21,000.
c. A meat market purchase a meat-grinding machine at a cost of $3500.
d. On June 30, Monroe and Meno, medical doctors pay 6 months office rent to cover the month of July and the next 5 months.
e. Smith's Hardware Company pays $9000 in wages for construction on a building to be used in the business
f. Alvarez's Florists pays wages of $2,10 for the omnth an employee who serves as driver of their delivery truck.
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