Land originally purchased for $27,007 is sold for $75,623 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $75,623; owner's equity increases by $75,623 Ob. assets increase by $75,623; liabilities decrease by $27,007; owner's equity increases $48,616 Oc. assets increase by $48,616; owner's equity increases by $48,616 Od. assets increase by $18,176; no change in liabilities; owner's equity increases by $75,623
Land originally purchased for $27,007 is sold for $75,623 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $75,623; owner's equity increases by $75,623 Ob. assets increase by $75,623; liabilities decrease by $27,007; owner's equity increases $48,616 Oc. assets increase by $48,616; owner's equity increases by $48,616 Od. assets increase by $18,176; no change in liabilities; owner's equity increases by $75,623
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.4E: The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total...
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