$$\begin{array} { | l | l | c | l | l | l | }
\hline \text { May } & 24 & \text { Land } & & 105,000 & \
\hline & & \text { Cash } & & & 105,000 \
\hline & & \text { Purchased land for business. } & & & \
\hline
\end{array}$$ What effects does this journal entry have on the accounts?
A) increase Cash and increase Land
B) increase Land and decrease Cash
C) decrease Cash and decrease Land
D) increase Cash and decrease Land

Question

$$\begin{array} { | l | l | c | l | l | l | } 
\hline \text { May } & 24 & \text { Land } & & 105,000 & \
\hline & & \text { Cash } & & & 105,000 \
\hline & & \text { Purchased land for business. } & & & \
\hline
\end{array}$$ What effects does this journal entry have on the accounts?
A) increase Cash and increase Land
B) increase Land and decrease Cash
C) decrease Cash and decrease Land
D) increase Cash and decrease Land

Quizplus · Accepted Answer

The journal entry debits Land for $105,000 and credits Cash for $105,000. This increases the Land account and decreases the Cash account.

What Effects Does This Journal Entry Have on the Accounts