Below Are Transactions for Oriel Company

question 188

Essay

Below are transactions for Oriel Company.
1. Purchased land for $900,000.
2. Paid $20,000 to demolish building located on land.
3. Paid $3,000 for building permit.
4. Paid $2,000 for architect fees.
5. Paid $3,000 for excavation costs.
6. Paid interest of $22,000 during construction of new building.
7. Paid $960,000 to complete the building.
8. Paid $30,000 to pave the parking lot.
9. Paid $4,000 for underground sprinkler.
10. Ordered new equipment, paid $30,000.
11. Paid $1,500 to install and test new equipment.
12. Paid $250 to insure equipment for one year.
13. Paid $2,500 to paint office walls in the new building.
14. Paid $2,000 to repair equipment.
15. Purchased a truck for $25,000.
16. Paid $250 for truck license.
17. Paid $60 for oil change on new truck.
18. Paid $15,000 for fences around the new building.
19. Purchased 2 cash registers for $1,100 each.
20. Paid $2,200 for annual yard maintenance.
Instructions
a. Determine if each item should be capitalized (C) or expensed (E).
b. Determine the balance in the land account and the building account.

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Definitions:

Macro Recorder

A software feature that records user actions to create a macro, thereby automating repetitive tasks within the application.

Program Flow

The sequence and logic of execution of the instructions in a software program.

Action Catalog

A comprehensive collection or database of actions or operations that can be performed in a software environment or application.

Conditional Statements

Instructions in programming that perform different actions based on whether a specified condition is true or false.