Costs incurred by Mills Company that relate to its property, plant, and equipment assets might be recorded in one of the five following classes of accounts:
a. an expense account
b. an accumulated depreciation accoun
c. a land account
d. a building account
e. an equipment account Required:
For each of the costs identified below, indicate the type of account in which the cost should be recorded by placing the appropriate letter in the space provided.

Question

Costs incurred by Mills Company that relate to its property, plant, and equipment assets might be recorded in one of the five following classes of accounts:
 a. an expense account
b. an accumulated depreciation accoun
c. a land account
d. a building account
e. an equipment account Required:
For each of the costs identified below, indicate the type of account in which the cost should be recorded by placing the appropriate letter in the space provided.

Quizplus · Accepted Answer

The Answer of Costs incurred by Mills Company that relate to its property, plant, and equipment assets might be recorded in one of the five following classes of accounts:
 a. an expense account
b. an accumulated depreciation accoun
c. a land account
d. a building account
e. an equipment account Required:
For each of the costs identified below, indicate the type of account in which the cost should be recorded by placing the appropriate letter in the space provided.

Costs Incurred by Mills Company That Relate to Its Property