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24 July, 22:18

What effects does this journal entry have on the accounts? decrease cash and increase land decrease cash and decrease land increase cash and increase land increase cash and decrease land?

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  1. 24 July, 22:24
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    Decrease cash and increase land

    Explanation:

    The transaction is:

    Account Debit Credit

    Land $105,000

    Cash $105,000

    Purchased land for business.

    Both land and cash are assets: they are debited when they increased, and they are credited when they decrease.

    Because cash was used to purchase the land, cash decreases and land increases.
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