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Sheffield Corp. was organized on January 1. DURng the were recorded in random order. 1 2 3. 4 5. 6. 7 B 9. 10. Debit Excavation chests for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $247,000 and building $26,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building $21,000 37,000 578,000 273,000 30,000 3,060 6,800 34,000 6,600 5989460 $11,000 Analyze the transactions sning the following table column headings. Enter the amounts in the appropriate columns, For amounts in the Other Accounts column, also indicate the account title. If an amount reduces the account balonce then enter with a negative sign preceding HE POOL

Sheffield Corp. was organized on January 1. DURng the were recorded in random order. 1 2 3. 4 5. 6. 7 B 9. 10. Debit Excavation chests for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (land $247,000 and building $26,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building $21,000 37,000 578,000 273,000 30,000 3,060 6,800 34,000 6,600 5989460 $11,000 Analyze the transactions sning the following table column headings. Enter the amounts in the appropriate columns, For amounts in the Other Accounts column, also indicate the account title. If an amount reduces the account balonce then enter with a negative sign preceding HE POOL

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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Sheffield Corp was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2 3. 4 5 6. 7 B 9. 10. Debit Excavation chests for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (and $247,000 and building $26,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construt Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building of new building $21,000 37,000 578,000 273,000 30.000 3,060 6,800 34,000 6,600 $989,460 $11,000 Analyze the transactions uning the following table column headings. Enter the amounts in the appropriate columns, For amounts in the Other Accounts column, also indicate the account title. If an amount reduces the account balance then enter with a negative sign preceding the number, eg-15,000 or parenthesk, eg. (15,000))
Transcribed Image Text:Sheffield Corp was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2 3. 4 5 6. 7 B 9. 10. Debit Excavation chests for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site (and $247,000 and building $26,000) Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construt Real estate taxes paid for the current year on land Credit Proceeds from salvage of demolished building of new building $21,000 37,000 578,000 273,000 30.000 3,060 6,800 34,000 6,600 $989,460 $11,000 Analyze the transactions uning the following table column headings. Enter the amounts in the appropriate columns, For amounts in the Other Accounts column, also indicate the account title. If an amount reduces the account balance then enter with a negative sign preceding the number, eg-15,000 or parenthesk, eg. (15,000))
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