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Business, 01.12.2020 17:40 skywil8981
The practice of recording advance payments from customers as a liability is an example of applying the
A. Historical Cost principle
B. Monetary unit assumptions
C. Going concern assumptions
D. Revenue recognition Principle
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The following items could appear on a bank reconciliation: a. outstanding checks, $670. b. deposits in transit, $1,500. c. nsf check from customer, no. 548, for $175. d. bank collection of note receivable of $800, and interest of $80. e. interest earned on bank balance, $20. f. service charge, $10. g. the business credited cash for $200. the correct amount was $2,000. h. the bank incorrectly decreased the business's by $350 for a check written by another business. classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.
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The practice of recording advance payments from customers as a liability is an example of applying t...
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