Homework Answers
Cost principle of GAAP should be applied.
The cost principle is requires that an asset be recorded at the actual amount at at which it was purchased/sold. This means the transaction is recorded at cost price and not market price.
| Particular | Debit | Credit |
| Land account (Dr.) | 167,500 | |
| Cash account (Cr.) | 167,500 | |
| (To record purchase of land for cash) |
In addition to (a) accrual concept should be applied and money measurement concept should be applied. Dual aspect concept should also be applied in addition to cost concept.
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