Business, 23.04.2021 16:10 demelahar

The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2014. Indicate the account title to which each expenditure should be debited.
1.
Paid $7,000 of accrued taxes at the time the plant site was acquired.
choose an account title
Land Improvements
Equipment
Prepaid Insurance
License Expense
Land
2.
Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit.
choose an account title
Land
License Expense
Land Improvements
Equipment
Prepaid Insurance
3.
Paid $850 sales taxes on a new delivery truck.
choose an account title
Prepaid Insurance
Land
Land Improvements
License Expense
Equipment
4.
Paid $21,000 for parking lots and driveways on the new plant site.
choose an account title
Land
Equipment
Prepaid Insurance
Land Improvements
License Expense
5.
Paid $250 to have the company name and slogan painted on the new delivery truck.
choose an account title
Land Improvements
Equipment
Prepaid Insurance
License Expense
Land
6.
Paid $8,000 for installation of new factory machinery.
choose an account title
Equipment
Land Improvements
Prepaid Insurance
Land
License Expense
7.
Paid $900 for a 1-year accident insurance policy on the new delivery truck.
choose an account title
Land
Prepaid Insurance
Equipment
License Expense
Land Improvements
8.
Paid $75 motor vehicle license fee on the new truck.
choose an account title
Prepaid Insurance
Equipment
License Expense
Land
Land Improvements

Answers: 2

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The following expenditures relating to plant assets were made by Glenn Company during the first 2 mo...

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