A company sold land for the same price that they paid for it last year. When entering in the journal there will be a:

Debit to Land

Credit to Account receivable

Credit to account payable

Credit to land

2.why are adjusting entries prepared? 0and C

Because some day to day transactions have not been recorded

Because unadjusted trial balance is not quite ready for preparing the financial statement

Because some accounts are not up to date