Which of the Following Is Correct When Land Costing $20,000

question 24

Multiple Choice

Which of the following is correct when land costing $20,000 is sold for $29,000? The land was a component of property and equipment on the balance sheet.

• A)Revenues are debited for $29,000.
• B)Cost of goods sold is credited for $20,000.
• C)Gain on sale of land is credited for $9,000.
• D)Operating income increases $29,000.

---

Definitions:

Christianize Slaves

The process, especially common during the period of transatlantic slavery, of converting enslaved African people to Christianity, often as part of broader efforts to assimilate and control them.

Lemuel Haynes

An influential African American religious leader and abolitionist in the late 18th and early 19th centuries, known for his writings and sermons advocating for equality and freedom.

Black Minister

A clergy member who is African American, typically involved in the Christian church, often playing a significant role in the African American community.

Geographic Movement

Refers to the migration or movement of people, goods, and ideas across different geographic locations.