Question

Paid $7,000 of accrued taxes at the time the plant site was acquired. choose an account title 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. choose an account title 3. Paid $850 sales taxes on a new delivery truck. choose an account title 4. Paid $21,000 for parking lots and driveways on the new plant site. choose an account title 5. Paid $250 to have the company name and slogan painted on the new delivery truck. choose an account title 6. Paid $8,000 for installation of new factory machinery. choose an account title 7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. choose an account title 8. Paid $75 motor vehicle license fee on the new truck.

Answer 1

Answer: Please refer to Explanation

Explanation:

Hello. Your question was not complete as it lacked certain options.

I have attached it to this answer.

1.Paid $7,000 of accrued taxes at the time the plant site was acquired. LAND because it was an expense that was needed to acquire the land so it is capitalized

2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. EQUIPMENT

3. Paid $850 sales taxes on a new delivery truck. EQUIPMENT.

4. Paid $21,000 for parking lots and driveways on the new plant site. choose an account title. LAND IMPROVEMENTS.

5. Paid $250 to have the company name and slogan painted on the new delivery truck. choose an account title. EQUIPMENT

6. Paid $8,000 for installation of new factory machinery. choose an account title. EQUIPMENT

7. Paid $900 for a 2-year accident insurance policy on the new delivery truck. choose an account title. PREPAID INSURANCE

8. Paid $75 motor vehicle license fee on the new truck. LICENSE EXPENSE.