Question: Two introductory accounting students were arguing about how to record a transaction involving an exchange of cash for land. Trisha stated that the transaction should

Two introductory accounting students were arguing about how to record a transaction involving an exchange of cash for land. Trisha stated that the transaction should have a debit to Land and a credit to Cash; Tony argued that the reverse (debit to Cash and credit to Land) represented the appropriate treatment.

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Which student was correct? Defend your position.

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