Hall Company purchased an automobile for $15,000 in March and sold it for $18,000 in May. In
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Hall Company purchased an automobile for $15,000 in March and sold it for $18,000 in May.
In May, Hall Company recognizes $18,000 of from the sale of this automobile. It must m ___ the $15,000 of cost with the revenue from the sale of the same automobile. Thus, its expense in May is $15,000. The $18,000 of revenue and the $15,000 of expense relate to the same automobile. The expense matches the revenue.
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