Mia Fitness Club was organized on January 1. During the first year of operations, the following…

Mia Fitness Club was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order

Debits

1. Accrued real estate taxes paid at time of purchase of real estate

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

$ 2,000

2. Real estate taxes on land paid for the current year

3,000

3. Full payment to building contractor

600,000

4. Excavation costs for new building

25,0005. Cost of real estate purchased as a plant site (land $100,000 and

building $25,000)

125,000

6. Cost of parking lots and driveways

15,000

7. Architect’s fees on building plans

10,000

8. Installation cost of fences around property

4,0009. Cost of demolishing building to make land suitable for construction

of new building

21,000

 

$805,000

Credit

10. Proceeds from salvage of demolished building

$ 2,500

Instructions

Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the item space, and insert the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. Item Land Building Other Accounts

 

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Use Code FREE15