Applying accounting concepts and principles Michael McNamee is the proprietor of a property management organisation near the campus of the ANU. This month the business earned revenue of $3 000. After taking into account this revenue, the business's closing balance sheet revealed cash of $8 000 and furniture that cost $9 000 and would be able to be sold straightaway for $7 000. Debts are accounts payable of $6 000. Michael's personal home is valued at $400 000 and his personal bank account has a balance of $1 200.

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