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A company purchased a Land for OMR 30,000 on 12 January 2020, paid OMR 16,000 on the same date agreed to pay the balance later.
A company purchased a Land for OMR 30,000 on 12 January 2020, paid OMR 16,000 on the same date agreed to pay the balance later. What is the journal entry required to record this transaction?
a.
Debit cash OMR 16,000, debit account receivable OMR 14,000 and credit land OMR 30,000
b.
Debit land OMR 30,000, credit cash OMR 16,000 and credit account payable OMR 14,000
c.
Debit land OMR 14,000, debit cash OMR 16,000 and credit account payable OMR 30,000
d.
None of the options
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