Chapter 2 Homework - C hapter 2: Conceptual Framework...

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Chapter 2: Conceptual Framework Underlying Financial Accounting Tiffany Watt Homework September 8, 2010 AC 301 – 01 Brief Exercises BE2-10 (a) Asset – This expenditure should be recorded as an asset and debited to the land account because the legal fees were paid in connection with the purchase of the land. (b) Asset – This expenditure should be recorded as an asset and debited to the land improvements account because the repaving of driveways and/or walkways are considered land improvements. (c) Asset – This expenditure should be recorded as an asset and debited to the equipment account because the company is purchasing new equipment. (d) Expense – This expenditure should be recorded as an expense and debited to the rent expense account because the doctors are paying office rent. (e) Expense – This expenditure should be recorded as an expense and debited to the salaries expense account because the company is paying wages to laborers for the construction of a building. (f)
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Chapter 2 Homework - C hapter 2: Conceptual Framework...

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