Table of contents

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1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Mkh Company sold a piece of land in 20X1 for $45,000. The land had originally been purchased for $60,000. What was the loss on the sale of land recorded by Mkh Company in 20X1?

$60,000

$45,000

$15,000

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Verified step by step guidance

Step 1: Understand the concept of a loss on the sale of an asset. A loss occurs when the selling price of an asset is less than its original purchase price (also known as its book value).

Step 2: Identify the original purchase price (book value) of the land, which is given as $60,000.

Step 3: Identify the selling price of the land, which is given as $45,000.

Step 4: Calculate the loss by subtracting the selling price from the original purchase price. Use the formula: Loss = Original Purchase Price - Selling Price. In MathML: