The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2014.Indicate the account title to which each expenditure should be debited.
a) Prepaid Insurance
b) Equipment
c) License Expense
d) Land
e) Land Improvements1. Paid $7,000 of accrued taxes at the time the plant site was acquired.2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit.3. Paid $850 sales taxes on a new delivery truck.4. Paid $21,000 for parking lots and driveways on the new plant site.5. Paid $250 to have the company name and slogan painted on the new delivery truck.6. Paid $8,000 for the installation of new factory machinery.7. Paid $900 for a 1-year accident insurance policy on the new delivery truck.8. Paid $75 motor vehicle license fee on the new truck.