In the Green Company, the Beginning and Ending Balances in Land

question 203

Multiple Choice

In the Green Company, the beginning and ending balances in Land were $198,000 and $240,000 respectively. During the year, land costing $45,000 was sold for $45,000 cash, and land costing $87,000 was purchased for cash. The entries in the reconciling columns of the worksheet will include a:

• A) credit to Land $45,000 and a debit to Sale of Land $45,000 under investing activities.
• B) debit to Land $87,000 and a credit to Purchase of Land $87,000 under financing activities.
• C) net debit to Land $42,000 and a credit to Purchase of Land $42,000 under investing activities.
• D) credit to Land $45,000 and a debit to Sale of Land $45,000 under financing activities.

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