Question

Which of the following transactions produces an increase in revenues? a. Sales of land at cost...

Which of the following transactions produces an increase in revenues? a. Sales of land at cost for cash b. Sales of a service on credit c. Collection of cash on account d. Receipt of cash from a bank loan

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Answer #1

Answer is B.

Sales of land at cost for cash:
No gain from sale of land. Cash account balance will increase and land account balance will decrease.

Sales of a service on credit:
Increase in revenue. Accounts receivable account balance will increase and capital account will increase.

Collection of cash on account:
No increase in revenue. Cash account balance will increase and account receivable account balance will decrease.

Receipt of cash from a bank loan:
No increase in revenue. Cash account balance will increase and bank loan account balance will increase.

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