Beachwood Clothing Company operates a chain of high end men's clothing stores. Beachwood owned land that...
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Beachwood Clothing Company operates a chain of high end men's clothing stores. Beachwood owned land that was originally purchased as a store location. However, after abandoning the plan to build a new store, the land that had cost $5,000 was sold for $6.000 cash. Which of the following journal entries would be required to record the sale of the land? 4 Account Titles Debit Credit 5,000 Cash Land 5,000 Account Titles Credit Land 5,000 1,000 Credit 6,000 Credit 5.000 1.000 Cash Gain from Sale of Land Cash Land Cash Account Titles Account Titles Land Gain from sale of Land Debit 6,000 Debit 6.000 Debit 6,000 Beachwood Clothing Company operates a chain of high end men's clothing stores. Beachwood owned land that was originally purchased as a store location. However, after abandoning the plan to build a new store, the land that had cost $5,000 was sold for $6.000 cash. Which of the following journal entries would be required to record the sale of the land? 4 Account Titles Debit Credit 5,000 Cash Land 5,000 Account Titles Credit Land 5,000 1,000 Credit 6,000 Credit 5.000 1.000 Cash Gain from Sale of Land Cash Land Cash Account Titles Account Titles Land Gain from sale of Land Debit 6,000 Debit 6.000 Debit 6,000
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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