Select the Account to Which Each of the Following Costs

question 146

Multiple Choice

Select the account to which each of the following costs would be debited. (Choices may be used more than once.)
-transportation charges related to the acquisition costs of a new piece of machinery

• A) Land
• B) Land Improvements
• C) Buildings
• D) Machinery and Equipment
• E) Expense Account

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Definitions:

Accrued Fees

Charges that have been incurred but not yet recorded or paid.

Adjusted Trial Balance

A roster displaying all accounts alongside their adjusted balances, utilized in the preparation of financial statements.

Error

A mistake in the recording, classification, or processing of financial information.

Contra Revenue Account

An account used to record deductions from gross revenue, including sales returns, allowances, and discounts.