Land originally purchased for $26,392 is sold for $76,038 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $49,646; owner's equity increases by $49,646 Ob. assets increase by $17,098; no change in liabilities; owner's equity increases by $76,038 Oc. assets increase by $76,038; owner's equity increases by $76,038 Od. assets increase by $76,038; liabilities decrease by $26,392; owner's equity increases $49,646

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Land originally purchased for $26,392 is sold for $76,038 in cash. What is the effect of the sale on the accounting equation?
Oa. assets increase by $49,646; owner's equity increases by $49,646
Ob. assets increase by $17,098; no change in liabilities; owner's equity increases by $76,038
Oc. assets increase by $76,038; owner's equity increases by $76,038
Od. assets increase by $76,038; liabilities decrease by $26,392; owner's equity increases $49,646
Transcribed Image Text:Land originally purchased for $26,392 is sold for $76,038 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $49,646; owner's equity increases by $49,646 Ob. assets increase by $17,098; no change in liabilities; owner's equity increases by $76,038 Oc. assets increase by $76,038; owner's equity increases by $76,038 Od. assets increase by $76,038; liabilities decrease by $26,392; owner's equity increases $49,646
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