A lodging operation purchases a parcel of land with cash. What bookkeeping accounts are affected?
A lodging operation purchases a parcel of land with cash. What bookkeeping accounts are affected?
Homework Answers
Answer
--Land is purchased, and Cash is being paid for such purchase.
--The book keeping accounts that are affected are:
>Land account (the balance will increase after purchase is
recorded)
>Cash account (the balance will decrease after purchase is
recorded).
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