s a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets?

s a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? Enter all values and positive numbers. Can you help me understand how to compute the assets?

Name: A vacant lot acquired for $375,500, on which there is a balance owed o
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Description: A vacant lot acquired for $375,500, on which there is a balance owed of $274,115, is sold for $413,050 in cash. The seller pays the $274,115 owed. What is the effect of these transactions on the total amount of the seller's (1) assets, (2) liabilitie

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EA: Provide journal entries to record each of the following transactions. For each, identify whether the...

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7: Purchased a building with a market value of $ 120 comma 000$120,000, and land with a market value of $ 24 comma 000$24,000. The business paid $ 45 comma 000$45,000 cash and signed a note payable to the bank for the remaining amount I'm confused as too which is credit and how to add the answer to the balance sheet etc.
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