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

question 46

Multiple Choice

In the Garnet Company, the beginning and ending balances in Land were $198,000 and $240,000 respectively.During the year, land costing $50,000 was sold for $50,000 cash, and land costing $92,000 was purchased for cash.The entries in the reconciling columns of the worksheet will include a:

• A)credit to Land $50,000 and a debit to Sale of Land $50,000 under investing activities.
• B)debit to Land $92,000 and a credit to Purchase of Land $92,000 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 $50,000 and a debit to Sale of Land $50,000 under financing activities.

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