Land originally purchased for $28,635 is sold for $78,775 in cash. What is the effect of the sale on the accounting equation?Oa. assets increase by $50,140; owner's equity increases by $50,140Ob. assets increase by $78,775; liabilities decrease by $28,635; owner's equity increases $50,140Oc. assets increase by $19,120; no change in liabilities; owner's equity increases by $78,775Od. assets increase by $78,775; owner's equity increases by $78,775

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Description: Land originally purchased for $28,635 is sold for $78,775 in cash. What is the effect of the sale on the accounting equation?Oa. assets increase by $50,140; owner's equity increases by $50,140Ob. assets increase by $78,775; liabilities decrease by $

Accounting Transaction: An economic event, which causes impact (increases or decreases the value…

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Land originally purchased for $28,635 is sold for $78,775 in cash. What is the effect of the sale on the accounting equation

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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