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Problem 1: Which of the following is true about T accounts?
Option 1: The left side of a T account is called the debit side.
Option 2: The left side of a T account is called the credit side.
Option 3: The right side of a T account is called the debit side.
Option 4: Transactions are first recorded in T accounts and then posted to the journal.
PMI's chief financial officer (CFO) hired a consultant to recommend cost allocation bases. Complete income statement using bases recommended by the consultant
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