Exercise 9-1 The following expenditures relaoing to plant assets were made by Wa

Question

Exercise 9-1 The following expenditures relaoing to plant assets were made by Watkens Company during the fiest 2 months of 2014 (a) Indicate the account tbitle to which each expenditure should be debited. s7,000 of accrued taxes at the bime the plant site was a zanst Paid $200 insurance to oover a pessible accident less on new factory machinery while the machinery was 3. Paid $850 sales taxes on a new delivery truck Paid $21. 000 for parking lots and driweways on the new plant site. 5. Paid $250 6. Pid $8, 000 foe instailation of new factory machinery 7 Paid $900 for a 1-year acoident insurance policy on the new delivery to have the compamy mame and slogan painted on the new delivery truck s, Paid $75 motor wehicle license fiee on the new truck

Explanation / Answer

1 Accrued Taxes Account 2 Insurance Account 3 Sales Tax 4 Ground Tranportation Account 5 Painting Expenses Account 6 Machinery Account 7 Prepaid Insurance Account 8 License Fee Account

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