Answered step by step
Verified Expert Solution
Question
1 Approved Answer
page 1 is the description and requirements. Page 2 is the table to calculate total costs and to answer four questions at the bottom of
page 1 is the description and requirements. Page 2 is the table to calculate total costs and to answer four questions at the bottom of page 2.Page 3 is to write journal entries
202 ICE 9-1 Sonia Computers constructed a new training center in 2013. You have been hired to manage the training center. A review of the accounting records shows the following expenditures that were debited to an asset account called Training Center: Attorney's fee, land acquisition Cost of land Architect's fee, building design Building Parking lot and sidewalk Electrical wiring, building Landscaping Cost (total) of surveying land ($3,000) and building site Training equipment, tables, and chairs Installation of training equipment Cost of grading the land Cost of changes in building to soundproof rooms Total account balance $17,450 299,000 51,000 510,000 67,800 82,000 27,500 4,600 68,200 34,000 7,000 29,600 $1,198,150 During the center's construction, an employee of Sonia Computers worked full time overseeing the project. He spent two months on the purchase and preparation of the site, six months on the construction, one month on land improvements, and one month on equipment installation and training room furniture purchase and setup. His salary of $32,000 during this ten-month period was charged to Administrative Expense. The training center was placed in operation on January 1, 2014. 1. Using the schedule on page 2 with the four account headings: Land, Land Improvements, Building, and Furniture and Equipment, place each of the above expenditures in the appropriate column. Total the columns. 2. Write the journal entry (entries) to record the long term assets to the correct accounts. Land, Land Improvements, and Building assets were financed on mortgage payable. Furniture and Equipment were financed on a note payable. Last Name: First: 202 ICE 91 Sonia Computers Schedule of Proper Charges for Training Center December 31, 20x2 Description of cost Land Land Improvements Building Furniture and Equipment Attorney's fee, land acquisition 1. What is your goal (describe what you're trying to calculate and what do you use the answer for)? 2. What information would you need to have to solve the problem? Which pages in the textbook support your conclusions? 3. In a real business, where would you find the information that you needed? List the major steps/describe the process you used to solve the problem and which pages in the textbook support your steps GENERAL JOURNAL DATE DESCRIPTION PAGE DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started