**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

See similar textbooks

Similar questions

Th e sale of a building for cash would be classifi ed as what type of activity on the cash fl ow statement? C . Financing.
Complete the problem below using these accounts as needed: Cash Accumulated Depreciation Party Bus Loss on Sale of Party Bus Depreciation Expense Gain on Sale of Party Bus PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no account name or DR/CR is needed, please use "None" and if no dollar amount is needed, please use "$0" - no quotation marks for either. You are to refer to the examples in the text for the proper order of the accounts. Party Hearty Co. owns a party bus that, all tricked out, costs $247,500, with accumulated depreciation of $123,450. Party Hearty Co. sells the party bus for cash. Record the journal entry for the sale of the party bus if Party Hearty Co. were to sell the party bus for the following amounts: Sold party bus for $118,635 cash: DR DR / CR? DR / CR? CR Sold party bus for $124,050 cash: DR DR…
Recording depreciation for a plant asset conforms to which accounting principle/assumption? OA. Matching Principle B. Time Period Assumption OC. Full Disclosure Principle OD. Revenue Recognition Principle***
Th e sale of a building for cash would be classifi ed as what type of activity on the cash fl ow statement? B . Investing.
Please help me with this accounting homework question, I am having so much trouble.
Answer only please
when issuing a note payable for land, this is an investing activity
The purchase of a new delivery truck for cash is an asset use transaction. O True O False
Match the cash flow effect with the correct transaction or event. Assume the indirect method is used. Column A 1. Purchased land for cash: Purchased land for cash 2. Issued a twenty year mortgage note for cash: Issued a twenty year mortgage note for cash 3. Increase in the inventory balance: Increase in the inventory balance 4. Resold treasury stock for cash: Resold treasury stock for cash 5. Declared cash dividends: Declared cash dividends 6. Recorded depreciation expenses for the year: Recorded depreciation expenses for the year 7. Issued long-term bonds: Issued long-term bonds 8. Repaid principal on a note payable: Repaid principal on a note payable 9. Paid cash dividends: Paid cash dividends 10. Issued common stock for land: Issued common stock for land Column B a. Not reported on the Statement of Cash Flows b. Inflow from Operating Activities c.…
Which two of the following would generally be regarded as non-current (or fixed) assets? a. A combine harvester b. Inventory c. Petty cash d. A plot of land e. Pens and paper
When recording the depreciation of equipment in a journal entry using the straight-line method, what accounts are typically involved? A) Debit: Accumulated Depreciation; Credit: EquipmentB) Debit: Equipment; Credit: Depreciation ExpenseC) Debit: Accumulated Depreciation; Credit: Depreciation ExpenseD) Debit: Depreciation Expense; Credit: Equipment
Please answer with reason 59..........is the withdrawal of cash and goods by the owner of the business for his/her personal use A.Depreciation B.Drawings c.Outflow of cash D.Appreciation