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An entity purchased supplies from a supplier for $2,000 on account. Advice the entity how to treat the $2000 on account, according to the definition
An entity purchased supplies from a supplier for $2,000 on account. Advice the entity how to treat the $2000 on account, according to the definition of an element| under the Conceptual Framework Definition YN Justification Y The entity has an obligation Y The obligation is to transfer an economic resource Y The obligation is a present obligation that exists as a result of past events Conclusion
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