A Company Made the Following Expenditures Related to Its Restaurant

question 124

Essay

A company made the following expenditures related to its restaurant:
1. Replaced the heating and air conditioning equipment a cost of $15,000.
2. Remodeled the restaurant building. The total cost of the project was $150,000.
3. Performed annual building maintenance at a cost of $47,000.
4. Paid annual insurance premium on the property for the coming year, $7,700.
5. Purchased a new delivery truck, $22,500.
6. Landscaped the property and added outdoor lights, $9,000.
Required:
Assume the company credits cash for each of these expenditures. Indicate the account to be debited for each of these expenditures.

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Definitions:

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a lack of understanding for other cultures.

Cultures

The shared values, practices, and social behaviors of particular groups, communities, or societies, often distinguished by tradition, language, and collective identity.

Metric System

An international decimal system of weights and measures based on the meter for length and the kilogram for mass.