Land Was Originally Purchased for $20,000

question 3

Multiple Choice

Land was originally purchased for $20,000.It is sold for $20,000 in cash.How does the sale affect the accounting equation?

• A) Assets increase $20,000; liabilities decrease $20,000.
• B) Assets increase $20,000; liabilities increase $20,000.
• C) Assets increase $20,000; owner's equity increases $20,000.
• D) Assets increase $20,000; assets decrease $20,000.

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Definitions:

Northwest Native Americans

Indigenous peoples from the Northwestern United States, known for their rich cultural heritage, including totem poles, potlatch ceremonies, and highly skilled fishing techniques.

Treaty of Greenville

A 1795 agreement between the United States and Native American tribes in the Ohio Valley, which ended the Northwest Indian War and opened up much of present-day Ohio to American settlement.

Ceded

The act of giving up power or territory, often as a result of negotiating after a conflict or a treaty.

New Code of Laws

Revised or brand-new legislative measures that are established to govern specific areas, often replacing outdated or ineffectual rules.