a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect
Question:
(1) Assets,
(2) Liabilities, and
(3) Owner's equity?
b. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the Seller's
(1) Assets,
(2) Liabilities, and
(3) Owner's equity?
c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation? Explain.
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a 1 Total assets increased 183000 298000 115000 2 No change in liabilities 3 Owners equity incre...View the full answer
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Related Book For 
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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