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Land was originally purchased for $20,000. It is sold for $20,000 in cash. How does the sale affect the accounting equation? Your answer: Assets
Land was originally purchased for $20,000. It is sold for $20,000 in cash. How does the sale affect the accounting equation? Your answer: Assets increase $20,000; liabilities decrease $20,000 Assets increase $20,000; liabilities increase $20,000. Assets increase $20,000; owner's equity increases $20,000 Assets increase $20,000; assets decrease $20,000
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