Beachwood clothing

Learning Objective: 04-03 Explain how losses, and other items are shown on a income statement. Section Break value: 010 points Beachwood Clothing Company operates a chain of high end men's clothing stores. Beachwood owned land that was originally purchased as a store location. However, after abandoning the plan to build a new store, the land that had cost $5,000 was sold for $6,000 cash. Which of the following journal entries would be required to record the sale of the land? Account Titles Credit Debit 5,000 Cash Land 5,000 Account Titles Debit 6,000 Credit Land Cash Gain from Sale of tand 1,000 Account Titles Debit Credit Cash Land 6,000 Account Titles Debit 6,000 Credit Cash tand Gain from Sale of Land 5,000 1,000 References eBook & Resources Multiple Choice