On August 6th, a piece of land that was originally purchased for $1,150,000 was sold for...
On August 6th, a piece of land that was originally purchased for $1,150,000 was sold for $1,475,000 cash. What are the journal entries?
Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| 06-Aug | Cash | $1,475,000 | |
| Gain on Sale [1475000 - 1150000] | $325,000 | ||
| Land | $1,150,000 | ||
| (to record sale) |
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