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Ray Atkinson
Ray Atkinson, Graduate Student
Category: Homework
Satisfied Customers: 1889
Experience:  Inner-city high school substitute teacher. Degrees in mathemetics, accounting, and education. Years and years of tutoring.
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RECOGNITION 1. Provide an example of a transaction related

Customer Question

RECOGNITION
1. Provide an example of a transaction related to this topic, in your own words. you sold a machine
2. If the above transaction results in an asset, then describe the probable future benefit, in your own words. If no asset is created, then indicate N/A.
3. If the transaction in (1) above results in a liability, then describe the present obligation and the probable future sacrifice, in your own words. If no liability is created, then indicate N/A.
4. The form of the necessary entry (including A,L,OE)?

MEASUREMENT
5. Identify whether or not this topic deals with INITIAL or SUBSEQUENT measurement.
6. For INITIAL measurement identify the valuation basis and for SUBSEQUENT measurement identify the situation requiring the subsequent measurement.
7. What are the possible measurement approaches?
8. For SUBSEQUENT measurement topics, the form of the necessary adjustment entry is (including A, L, OE):
Submitted: 3 years ago.
Category: Homework
Expert:  Ray Atkinson replied 3 years ago.
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Expert:  Ray Atkinson replied 3 years ago.
Missing info: When selling a piece of equipment, you are swapping one asset for another, having no effect on liabilities or OE.
Customer: replied 3 years ago.
Could you answer questions using format Q -A!?
Expert:  Ray Atkinson replied 3 years ago.
THIS ANSWER IS LOCKED!

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Customer: replied 3 years ago.
I am little confused, can you give me a recognition example to explain? Thanks
Expert:  Ray Atkinson replied 3 years ago.
Perhaps I misunderstood something. Did you start the example of "you sold a machine" in question 1?

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