A company purchased land on which to construct a new building for a cost of $350,000. Additional costs incurred were: 
What total dollar amount should be charged to Land and what amount should be charged to Building or other accounts?
Definitions:
Receive Payment
The process of collecting money from a customer to settle an outstanding invoice.
Aging of Accounts Receivable
A method used to categorize the amounts owed by customers based on the length of time an invoice has been outstanding.
Reports Center
The Reports Center is a feature in accounting software that aggregates all financial reports, providing an overview of an entity’s financial health.
Undeposited Funds
An account used in accounting to temporarily hold receipts and cash sales until they can be deposited in the bank, facilitating easier tracking of cash flow.
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