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Unformatted text preview: After you complete the allocation, prepare a suggested correcting journal entry (i.e., debit the various asset/expenses and credit suspense). Item 1 Paid $2,500 for 20X7 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 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 20X8 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 Item 10 Paid $5,000 of interest on loan related to completed in-use office building...
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- Spring '11