You are reviewing the accounting records of Cathy’s Antiques, owned by Cathy Miller. You have uncovered the following situations. Cite the appropriate accounting principle or assumption and suggest an action for each separate item.

1. In August, a check for \($500\) was written to Wee Day Care Center; this amount represents child care for her son Brandon.

2. Cathy plans a Going Out of Business Sale for May, since she will be closing her business for a monthlong vacation in June. She plans to reopen July 1 and will continue operating Cathy’s Antiques indefinitely.

3. Cathy received a shipment of pine furniture from Quebec, Canada; the invoice was stated in Canadian dollars.

4. Joseph Clark paid \($1,500\) for a dining table; the amount was recorded as revenue. The table will be delivered to Mr. Clark in six weeks.