Question

For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers.
a. $400 for repairing damage that resulted from the careless unloading of a new machine.
b. $14,000 cost of designing and registering a trademark
c. $2,800 in legal fees incurred to perform a title search for the acquisition of land.
d. $800 cost of patching a leak in the roof of a building.
e. $180,000 cost of salaries paid to the research and development staff.



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  • CreatedMarch 13, 2012
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