1) Donaldson Company has the following accounts in its generalledger at July 31: Accounts...

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Accounting

1) Donaldson Company has the following accounts in its generalledger at July 31: Accounts Receivable $40,000 and Allowance forDoubtful Accounts $2,500. During August, the following transactionsoccurred.
Oct. 15 Sold$30,000 of accounts receivable to Fast Factors, Inc. who assesses a3% finance charge.
25 Madesales of $900 on Visa credit cards. The credit card service chargeis 2%.
Instructions
Journalize the transactions.
2)
Indicate whether each of the following expenditures should beclassified as land (L), land improvements (LI), buildings (B),equipment (E), or none of these (X).
___ 1. Computer installation cost
_ 2. Driveway cost
_ 3. Architect’s fee
_ 4. Surveying costs
_ 5. Grading costs
_ 6. Cost of lighting for parking lot
_ 7. Insurance while in transit and freight on computerpurchased
_ 8. Material and labor costs incurred to constructfactory
_ 9. Cost of tearing down a warehouse on land justpurchased
___10. Utility cost during first year

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In: Accounting1) Donaldson Company has the following accounts in its generalledger at July 31: Accounts Receivable...1) Donaldson Company has the following accounts in its generalledger at July 31: Accounts Receivable $40,000 and Allowance forDoubtful Accounts $2,500. During August, the following transactionsoccurred.Oct. 15 Sold$30,000 of accounts receivable to Fast Factors, Inc. who assesses a3% finance charge. 25 Madesales of $900 on Visa credit cards. The credit card service chargeis 2%.InstructionsJournalize the transactions.2)Indicate whether each of the following expenditures should beclassified as land (L), land improvements (LI), buildings (B),equipment (E), or none of these (X)._____ 1. Computer installation cost_____ 2. Driveway cost_____ 3. Architect’s fee_____ 4. Surveying costs_____ 5. Grading costs_____ 6. Cost of lighting for parking lot_____ 7. Insurance while in transit and freight on computerpurchased_____ 8. Material and labor costs incurred to constructfactory_____ 9. Cost of tearing down a warehouse on land justpurchased_____10. Utility cost during first year