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Sean's painting Services has just bought painting brushes for $2,000 on account for business use. Explain how Sean's painting Services should recognise asset and liability

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Sean's painting Services has just bought painting brushes for $2,000 on account for business use. Explain how Sean's painting Services should recognise asset and liability for this event, justifying your answer by reference to relevant conceptual framework definitions and recognition criteria. (4 marks)

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