QUESTION 1 A company purchased land for $25,000 cash. What would be the effect of this transaction on the accounting equation? O A. Land will increase by $25,000 and notes payable will decrease by $25,000. O B. Cash will decrease by $25,000 and Land will increase by $25,000. OC Cash will increase by $25,000 and Land will increase by $25,000. O D. Land will decrease by $25,000 and notes payable will decrease by $25,000
QUESTION 1 A company purchased land for $25,000 cash. What would be the effect of this transaction on the accounting equation? O A. Land will increase by $25,000 and notes payable will decrease by $25,000. O B. Cash will decrease by $25,000 and Land will increase by $25,000. OC Cash will increase by $25,000 and Land will increase by $25,000. O D. Land will decrease by $25,000 and notes payable will decrease by $25,000
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 5BE: Land transactions on the statement of cash flows IZ Corporation purchased land for 500,000. Later in...
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