Land Was Originally Purchased for $20,000

question 6

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 by $20,000; liabilities decrease by $20,000.
• B)Assets increase by $20,000; liabilities increase by $20,000.
• C)Assets increase by $20,000; equity increases by $20,000.
• D)Assets increase by $20,000; assets decrease by $20,000.

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Definitions:

Control

The ability to influence or direct people's behavior or the course of events.

Flexibility

The ability to adapt to new, different, or changing requirements and situations in various contexts, including work, personal life, and physical abilities.

Algorithmic Management

Using algorithms’ data processing power to extract information from big data to allow managers to oversee workers in an optimized manner at a large scale.

Ratings

Evaluations or assessments of the quality, performance, or popularity of products, services, or content, often influencing consumer choices and perceptions.