1. Leigh Sawyer, an attorney, does not include her personal stock investments on the balance sheet for her law practice. This is an example of the basic principle of a. Accounting period. b. Full disclosure. c. Conservatism. d. Accounting entity. e. None of these.

12. Peter Paint Company sold $260 of custom wallpaper to Bruno Builder on March 7, 19XX, with the terms 3/15, n/30. If Bruno Builder remits payment on March 19, 19XX, then Peter Paint Company will record (assuming gross method is used): a. a credit to Sales Discounts for $7.80. b. a credit to Accounts Receivable for $252.20. c. a debit to Cash for $252.20. d. a debit to Accounts Receivable for $260.00.