ACS Company made the following expenditures in connection with the construction of its new cross fit facility:
Architect’s fees Cash paid for land and old building Removal of old building Survey to site the new building Legal fees for title search Excavation for construction of basement Machinery purchased Storage charges on machirery because building was not ready when machirery was delivered Freight on machinery purchased Hauling charges to deliver machinery from storage to new building Construction costs of new building Landscaping Installation of machinery 9,000140,00020,000(8,000)1,0002,50072,0006002,000800615,0007,0509,000 Prepare a schedule showing the amounts to be recorded as Land, Building, and Machinery and Equipment and Expenses.
Identify methods to foster leadership competencies within an organization’s team members.
Understand the purpose and process of closing entries in accounting.
Understand the post-closing trial balance and its significance.
Define and categorize real, personal, and nominal accounts.
Definitions:
Umami
Umami is one of the five basic tastes, alongside sweet, sour, bitter, and salty, and is characterized by a savory flavor found in foods like tomatoes, cheese, and soy sauce.
Olfactory Receptor
A sensory receptor specialized for detecting odors, located in the mucous membrane of the nose.
Cilia
Microscopic, hair-like structures on the surface of cells that move in a wave-like fashion to transport particles or fluids.
Perceptual Constancy
The brain's ability to recognize objects as unchanged despite changes in sensory input, such as changes in lighting, angle, or distance.