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Jobisdone [24]
3 years ago
7

At what value should the land be recorded in clementine repair service records?

Business
1 answer:
adell [148]3 years ago
6 0

Answer: $369,500

Explanation:

The Cost concept of accounting calls for the recording of Assets at their cost.

Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.

The seller countered with $369,500 and Clementine accepted this.

This means that Clementine bought the land for $369,500 which makes it the cost price.

They should therefore record it at $369,500.

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