Q$5$ II$9$ Identitying accounting princlples LO$5$

For eath of the following identify which GAAP, if any, has been violated.

A customer called and made arrangements for Jay's Plumbing to provide $$6,000$ of services nevi month. Jay, the owret recorded revenue of

Shi,MO this manth. No cash was exchanged.

$2$ Land was purchased for $$50,000.$ The bank appraised it for loan purposes at $$68,000.$ Therefore, the owrier of the land recorded it on the

halance sheet at $$68,000.$

The owner of Dallas Pizza and Don's Deli combines all transactions by keeping only one set of aceounting records for both businesses.

The owner of Miko Japanese Eatery has become ill suddenly and is unable to continue the business. The owner spouse in neted af eash to

finance growing personal expenses, bok the business's most recent financial statements to the bank and was granted a loan. She did towt intorm:

the bank of her husband's inability to work.

Dale s Consulting Services completed a contract with an organization located overseas, Dale included the revenue onthe inceme staltment.

Wuthout converting the foreign currency to Canadian dollars.