**Question:**Benson Company purchased land and paid the full purchase price in cash. Which of the following would be included in the journal entry necessary to record this event?**Multiple Choice Options:**- O A credit to Land and a credit to Cash- O A debit to Land and a credit to Cash- O A debit to Cash and a credit to Land- O A debit to Land and a debit to Cash**Explanation:**When Benson Company purchases land and pays cash, the accounting entry involves a debit and a credit to reflect the transaction:- **Debit to Land:** This entry increases the Land asset account, reflecting the acquisition of the property.- **Credit to Cash:** This entry decreases the Cash asset account, representing the cash payment made for the land.Therefore, the correct journal entry is: **A debit to Land and a credit to Cash.**

Ans. Journal entry is a chronological recording of transactions. Journal entry is recorded from…

Benson Company purchased land and paid the full purchase price in cash. Which of the following would be included in the journal entry necessary to record this event? Multiple Choice A credit to Land and a credit to Cash A debit to Land and a credit to Cash A debit to Cash and a credit to Land A debit to Land and a debit to Cash

Benson Company purchased land and paid the full purchase price in cash. Which of the following would be included in the journal entry necessary to record this event? Multiple Choice A credit to Land and a credit to Cash A debit to Land and a credit to Cash A debit to Cash and a credit to Land A debit to Land and a debit to Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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