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Financial Accounting


Listed below are nine fixed asset transactions. Record the journal entries. Dates and descriptions are not required. The only account titles you will need are listed: Account titles: Cash Land Land Improvements Building Furniture Expense (determine expense account title) Prepaid account (determine full account title) Item 1 Paid $2,500 for one year insurance coverage on equipment Item 2 Paid $7,500 for trees and shrubs Item 3 Paid $500 attorney's fees for document preparation related to land purchase Item 4 Paid $150,000 for land and building. The land was separately valued at $40,000, and the building at $120,000. Hint - the cash is only $150,000 and the entry must balance. Item 5 Paid $1,000 freight costs on purchase of new furniture Item 6 Paid $300 for staplers, trash cans, and desktop mats Item 7 Ordered new $50,000 truck, to be delivered and paid for in the future Item 8 Paid $10,000 of interest costs on loan on active building construction project Item 9 Paid $25,000 to expand parking lot paving