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11. 12. Cost of parking lots and driveways Real estate taxes paid for the current year on the land Total Debits Credits 13. Proceeds from salvage of demolished building Total Credits 40,100 8,500 $1,344,800 $4,500 $4,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under other column. (Enter credit transactions with negative sign preceding the number

11. 12. Cost of parking lots and driveways Real estate taxes paid for the current year on the land Total Debits Credits 13. Proceeds from salvage of demolished building Total Credits 40,100 8,500 $1,344,800 $4,500 $4,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under other column. (Enter credit transactions with negative sign preceding the number

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheridan Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. Debits 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Cost of real estate purchased as a plant site (land and building) Accrued real estate taxes paid at the time of the purchase of the real estate Cost of demolishing building to make land suitable for construction of a new building Architect's fees on building plans 13. Excavation costs for new building Cost of filling and grading the land Insurance and taxes during construction of building Cost of repairs caused by a small fire shortly after completion of building Interest paid during the year, of which $55,000 pertains to the construction period Full payment to building contractor Cost of parking lots and driveways Real estate taxes paid for the current year on the land Credits Total Debits Proceeds from salvage of demolished building Total Credits $156,000 4,200 13,300 19.400 38,000 6,400 9,200 8,700 79,000 962,000 40,100 8,500 $1,344,800 $4.500 $4,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under other column. (Enter credit transactions with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Transcribed Image Text:Sheridan Company was organized on January 1. During the first year of operations, the following expenditures and receipts were recorded in random order. Debits 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Cost of real estate purchased as a plant site (land and building) Accrued real estate taxes paid at the time of the purchase of the real estate Cost of demolishing building to make land suitable for construction of a new building Architect's fees on building plans 13. Excavation costs for new building Cost of filling and grading the land Insurance and taxes during construction of building Cost of repairs caused by a small fire shortly after completion of building Interest paid during the year, of which $55,000 pertains to the construction period Full payment to building contractor Cost of parking lots and driveways Real estate taxes paid for the current year on the land Credits Total Debits Proceeds from salvage of demolished building Total Credits $156,000 4,200 13,300 19.400 38,000 6,400 9,200 8,700 79,000 962,000 40,100 8,500 $1,344,800 $4.500 $4,500 Analyze the foregoing transactions using the following tabular arrangement. Insert the amounts in the appropriate columns and select appropriate account title for transactions falling under other column. (Enter credit transactions with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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