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For each of the three situations, say if the accounting method used is correct or incorrect. If correct, identify which principle or assumption...

For each of the three situations, say if the accounting method used is correct or incorrect. If
correct, identify which principle or assumption supports the method used. If incorrect, identify
which principle or assumption has been violated.
E1-5 Meredith Cleaners has the following balance sheet items.
Accounts payable Accounts receivable
Cash Notes payable
Cleaning equipment Salaries payable
Cleaning supplies Common stock

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