Answer:
A. debit to Land and a debit to Cash.
Explanation:
Land, an asset, is increased with a debit, and cash, another asset is decreased with a credit.
The purchase of land by Benson corporation has been recorded as debit to Land and credit to cash. Thus, option D is correct.
Journal entry has been the financial record of the gain and reduction in the assets with the normal usage.
The assets have been given as valuable item or object owned by the company. It has been able to provide the economic benefit to the company and the individual.
The land has been given as the fixed assets for the organization. The cash has been the current assets in the organization.
The purchase of land by Benson corporation has been dealt with the cash. It has been marked with the decrease in the cash of the organization. Thus, the cash has been debited in the Journal entry.
The debit of current assets has been resulted in the addition of fixed assets in the form of land to the corporation. The addition has been given as the credit in the Journal entry.
Thus, the purchase of land by Benson corporation has been recorded as debit to Land and credit to cash. Thus, option D is correct.
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