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What is the effect of the sale on the total amount

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Reference no: EM132874793

Problem - Effect of transactions on accounting equation -

a. A vacant lot acquired for $100,000 is sold for $350,000 in cash. What is the effect of the sale on the total amount of the seller's

1. assets?

2. liabilities?

3. equity?

b. Assume that the seller owes $75,000 on a loan for the land. After receiving the $350,000 cash in (a), the seller pays the $75,000 owed. What is the effect of the payment on the total amount of the seller's

1. assets?

2. liabilities?

3. equity?

c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner's Equity) of the accounting equation? Explain.

Reference no: EM132874793

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