e9.1the following E9.1 (LO 1) Writing The following expenditures (in thousands)...
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Accounting
e9.1the following
E9.1 (LO 1) Writing The following expenditures (in thousands) relating to plant assets were made by Lee Jung Ltd. during the first 2 months of 2020. 1. Paid W5,000 of accrued taxes at time plant site was acquired. 2. Paid #400 insurance to cover possible accident loss on new factory machinery while the machin. ery was in transit 3. Paid W850 sales taxes on new delivery truck. 4. Paid W17.500 for parking lots and driveways on new plant site. 5. Paid W310 to have company name and advertising slogan painted on new delivery truck. 6. Paid W8.000 for installation of new factory machinery 7. Paid W900 for one-year accident insurance policy on new delivery truck. 8. Paid W90 motor vehicle license fee on the new truck. Instructions a. Explain the application of the historical cost principle in determining the acquisition cost of plant assets. b. List the numbers of the foregoing transactions, and opposite each indicate the account title to which each expenditure should be debited
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