question

on january 15, complete computer service paid $2,000 cash for land.

the journal entry to record this transaction would be:

answer

date accounts debit credit
cash 2,000
land 2,000

date accounts debit credit
land 2,000
common stock 2,000

date accounts debit credit
common stock 2,000
land 2,000

date accounts debit credit
land 2,000
cash 2,000

i dont know yet

Question

question

on january 15, complete computer service paid $2,000 cash for land.

the journal entry to record this transaction would be:

answer

date accounts debit credit
cash 2,000
land 2,000

date accounts debit credit
land 2,000
common stock 2,000

date accounts debit credit
common stock 2,000
land 2,000

date accounts debit credit
land 2,000
cash 2,000

i dont know yet

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Journal Entry", "Asset Acquisition" ], "new_concepts": [], "current_concepts": [ "Journal Entry", "Asset Acquisition", "Debit and Credit Rules" ] } ## Identify the accounts affected and their types $$ \begin{aligned} &\text{Land (Asset)} ightarrow \text{Increases by } \$2,000 \ &\text{Cash (Asset)} ightarrow \text{Decreases by } \$2,000 \end{aligned} $$ ## Apply debit and credit rules $$ \begin{aligned} &\text{Increase in Asset (Land)} ightarrow \text{Debit } \$2,000 \ &\text{Decrease in Asset (Cash)} ightarrow \text{Credit } \$2,000 \end{aligned} $$ ## Formulate the journal entry $$ \begin{array}{llcc} \text{Date} & \text{Accounts} & \text{Debit} & \text{Credit} \ \hline \text{Jan 15} & \text{Land} & 2,000 & \ & \quad \text{Cash} & & 2,000 \end{array} $$

(A) | Date | Accounts | Debit | Credit | |---|---|---|---| | | Cash | 2,000 | | | | Land | | 2,000 |

(B) | Date | Accounts | Debit | Credit | |---|---|---|---| | | Land | 2,000 | | | | Common Stock | | 2,000 |

(C) | Date | Accounts | Debit | Credit | |---|---|---|---| | | Common Stock | 2,000 | | | | Land | | 2,000 |

(D) | Date | Accounts | Debit | Credit | |---|---|---|---| | | Land | 2,000 | | | | Cash | | 2,000 |

(E) I don't know yet

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Accounting", "Journal Entries" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the accounts affected and their types

Apply debit and credit rules

Formulate the journal entry

Answer: