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Problem 1: While writing a check for $2,000 on April 26, 20X2 for a computer purchased on December 26, 20X1, you discover that when the purchase was made in December, the $2,000 had been credited to Notes Payable instead of Ac- counts Payable. If the books are closed, what single entry could you make?
1- Notes Payable
2 Notes Payable
3 Accounts Payable
4 Accounts payable
Using Exhibit 7-13 as a guide, prepare a quantitative comparison of the traditional and activity-based cost assignments. Explain why the traditional and activity-based cost assignmentsdiffer.
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