Question

In: Accounting

1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable...

1) Donaldson Company has the following accounts in its general ledger at July 31: Accounts Receivable $40,000 and Allowance for Doubtful Accounts $2,500. During August, the following transactions occurred.

Oct.   15      Sold $30,000 of accounts receivable to Fast Factors, Inc. who assesses a 3% finance charge.

          25      Made sales of $900 on Visa credit cards. The credit card service charge is 2%.

Instructions

Journalize the transactions.

2)

Indicate whether each of the following expenditures should be classified as land (L), land improvements (LI), buildings (B), equipment (E), or none of these (X).

_____ 1. Computer installation cost

_____ 2. Driveway cost

_____ 3. Architect’s fee

_____ 4. Surveying costs

_____ 5. Grading costs

_____ 6. Cost of lighting for parking lot

_____ 7. Insurance while in transit and freight on computer purchased

_____ 8. Material and labor costs incurred to construct factory

_____ 9. Cost of tearing down a warehouse on land just purchased

_____10. Utility cost during first year

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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