Determine the effect on a company’s Assets and Net Income from the following transaction: land is purchased with cash.
| Assets | Net Income | |
|---|---|---|
| A | Decreased | Decreased |
| B | Decreased | No effect |
| C | Increased | No effect |
| D | Increased | Increased |
| E | None of the above | |
| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Adjusting Entry Identification | Easy | |
| 2 |
Land Purchased With Cash
You are here. |
Easy | |
| 3 | Revenue Recognition | Easy | |
| 4 | Revenue Recognition | Easy | |
| 5 | Revenue Journal Entry | Easy | |
| 6 | Closing Journal Accounts | Easy | |
| 7 | Determining Net Income From Journal Entries | Moderate | |
| 8 | Determining Net Income From Transactions | Moderate | |
| 9 | Closing Process | Moderate | |
| 10 | Prepaid Rent | Moderate | |
| 11 | Revenue Recognition | Moderate | |
| 12 | What Should Be Journaled | Moderate | |
| 13 | Adjusting Journal Entries | Hard | |
| 14 | Adjusting Journal Entries | Hard | |
| 15 | Revenue and Expense Recognition | Hard | |
| 16 | The Effect of Transactions | Hard | |
| 17 | When You Forget to do Adjusting Entries | Hard | |
| 18 | Year End Closing & Account Classification | Hard |
| 1 | The Journal, Ledger, Trial Balance | 14:00 | |
| 2 | Cash vs. Accrual Accounting | 7:21 | |
| 3 | Expense Recognition | 8:07 | |
| 4 | Accruals and Deferrals | 15:07 | |
| 5 | What is an Adjusting Entry? | 4:11 | |
| 6 | Adjusting Entry: Supplies | 1:54 | |
| 7 | Adjusting Entry: Unearned Revenue | 2:11 | |
| 8 | Adjusting Entry: Interest | 2:03 | |
| 9 | Contra-accounts | 4:40 | |
| 10 | Depreciation | 7:10 | |
| 11 | The Closing Process | 10:37 |