Natwerk Designs

I need help with accounting?

Credit Company incurred the following costs in acquiring plant assets: purchased land for a $50,000 down payment and signed a $100,000 note payable for the balance delinquent property tax of $3,500 and legal fees of $1,500 $8,000 to remove an unwanted building architect fee of $2,000 for the design of a building constructed an office building at a cost of $405,000 interest cost on construction loan for the building, $20,000 $7,500 for fencing, $4,000 for landscaping, and $6,000 for lighting Determine the cost of the land, land improvements, and building Also need help with this problem Record the effects of the following transactions on the accounting equation. 1. A business received $10,000 in cash and issued common stock. 2. Paid $2,000 monthly rent for office space. 3. Paid $3,000 in cash for office equipment 4. Purchased $500 of office supplies on account. 5. Recorded $1,000 of revenue, receiving cash. 6. Recorded $1,500 of revenue on account and mailed invoices to the customers. 7. Paid utilities expense of $300. 8. Collected cash from a customer on account, $500. 9. Borrowed $10,000 from the bank and signed a note payable. In your response state whether there is an increases or decrease in Assets, Liabilities or Equity. Note: Revenue increases Equity and Expenses decrease Equity. An example would be: Question: Paid $450.00 for Utilities Answer = Asset = Decrease, Equity = Decrease

Public Comments

1. 1. A business received $10,000 in cash and issued common stock. Assets up OE up 2. Paid $2,000 monthly rent for office space. Assets Down, OE down. 3. Paid $3,000 in cash for office equipment Assets no change 4. Purchased $500 of office supplies on account. Assets up, Liabilities up 5. Recorded $1,000 of revenue, receiving cash. Assets up, OE up 6. Recorded $1,500 of revenue on account and mailed invoices to the customers. Assets up, OE up 7. Paid utilities expense of $300. Assets down, OE down 8. Collected cash from a customer on account, $500. Assets no change 9. Borrowed $10,000 from the bank and signed a note payable. liabilities up, Assets up