ABC Company bought some land for $20,000 cash. The journal entry for this transaction would include a: Group of answer choices Debit to cash Credit to Land Debit to Land Credit to accounts payable
ABC Company bought some land for $20,000 cash. The journal entry for this transaction would include a: Group of answer choices Debit to cash Credit to Land Debit to Land Credit to accounts payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ABC Company bought some land for $20,000 cash. The journal entry for this transaction would include a:
Group of answer choices
Debit to cash
Credit to Land
Debit to Land
Credit to accounts payable
Expert Solution
Step 1
Introduction:
A journal entry is a documentation of a business deal in the accounting system of an organization. Journal entries are the basis of the double-entry accounting method, that has been used for centuries to keep financial records. They allow a company to track what its resources have been used for and where those resources came from.
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