Anthony,Inc.buys land for $50,000 cash.The net affect on assets is
A)$50,000 increase.
B)$0.
C)$50,000 decrease.
D)$25,000 increase.

Name: Anthony,Inc.buys land for $50,000 cash.The net affect on assets is A)$50,000 increase. B)$0. C)$50,000 decrease. D)$25,000 increase.
Brand: Quizplus
Rating: 4.7 (47 reviews)

Question

Quizplus · Accepted Answer

The purchase of land for cash results in an increase in one asset (land) and a decrease in another asset (cash) by the same amount, resulting in no net change in total assets.