[The following information applies to the questions displayed below.]
The bookkeeper for Wood Mfg.made the following journal entry on January 30,2018:
![[The following information applies to the questions displayed below.] The bookkeeper for Wood Mfg.made the following journal entry on January 30,2018: -This transaction involves: A) The sale of land and building for $286,000. B) Payment of $221,000 on a note payable. C) The receipt of $65,000 cash. D) An increase in liabilities of $221,000.](https://d2lvgg3v3hfg70.cloudfront.net/TB1009/11eaae1a_a379_7462_b09f_638413fd4a98_TB1009_00_TB1009_00.jpg)
-This transaction involves:
A) The sale of land and building for $286,000.
B) Payment of $221,000 on a note payable.
C) The receipt of $65,000 cash.
D) An increase in liabilities of $221,000.
Correct Answer:
Verified
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