E$2-2($Algo$)$ Identifying Account Titles $[$LO $2-1,$ LO $2-2,$ LO $2-5]$

The following are independent situations.

A company orders and receives $10$ personal computers for office use for which it signs a note promising to pay $$20,000$ within three months.

A company purchases for $$24,000$ cash a new delivery truck that has a list $($sticker$)$ price of $$27,000.$

A women$$s clothing retailer orders $30$ new display stands for $$330$ each for future delivery.

A new company is formed and issues $100$ shares of stock for $$12$ per share to investors.

A company purchases a piece of land for $$53,000$ cash. An appraiser for the buyer valued the land at $$56,100.$

The owner of a local company uses a personal check to buy a $$11,500$ car for personal use. Answer from the company$$s point of view.

A company borrows $$3,500$ from a local bank and signs a six$-$month note for the loan.

A company pays $$1,800$ owed on its $10-$year notes payable $($ignore interest$).$

Required:

$1.$ Indicate titles of the appropriate accounts, if any, affected in each of the preceding events.

$2-$a$.$ At what amount would you record the delivery truck in $($b$)?$

$2-$b$.$ At what amount would you record the piece of land in $($e$)?$

$2-$c$.$ What measurement principle are you applying?

$3-$a$.$ What reasoning did you apply in $($c$)?$

$3-$b$.$ For $($f$),$ what accounting concept did you apply?$3-$b$.$ For $($f$),$ what accounting concept did you apply?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $2$A

Req $2$B

Req $2$C

Indicate titles of the appropriate accounts, if any, affected in each of the preceding events. $($If no entry is required for a

transaction$/$event select $"$No transaction" in the first account field.$)$