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DESCRIPTION Chapter 2: Ms. Smith, owner of Smith Dental Supply Company, has a few friends who are going to invest in her company. The total
DESCRIPTION Chapter 2: Ms. Smith, owner of Smith Dental Supply Company, has a few friends who are going to invest in her company. The total amount is $15,000 and Ms. Smith wants to account for this money as sales. She is applying for a $150,000 loan from the bank and thinks the additional cash will help increase her revenues. She calls her accountant excited that she can show $15,000 more in sales. Think about her request to her accountant. What are key elements to consider? Is her thinking accurate? How would her accountant proceed? Discuss all areas where this is okay or not okay in terms what you know of accounting systems. Do not respond to each question in a
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