OBJEC Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: a. A customer pays $20 to mail a package on Decem ber 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's finan- : Moseley Inc. recorded land at its purchase price of $50,000 In future periods, the land is d. Mack Company purchases inventory in March. Howaves dees not expense that inventory c. Mueller Inc. prepares quarterly and annual financial staterents cial statements. reflected in the financial statements at $50,000 until it is sold in April. OBJEC Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: a. A customer pays $20 to mail a package on Decem ber 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's finan- : Moseley Inc. recorded land at its purchase price of $50,000 In future periods, the land is d. Mack Company purchases inventory in March. Howaves dees not expense that inventory c. Mueller Inc. prepares quarterly and annual financial staterents cial statements. reflected in the financial statements at $50,000 until it is sold in April