Harry and Claire Inc. sells a piece of land which originally cost $300 for $500. Which journal entry correctly captures this transaction?

a. Land $500 Cash $500
b. Cash $500 Land $300
c. Cash $500 Land $300 Gain on Sale of Land $200
d. Cash $500 Land $500
e. Cash $300 Land $300

Answer: c. Cash $500 Land $300 Gain on Sale of Land $200

Business

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