31, The statement of financial position of Mandela 2020 shows cash balance of P900,000, It was found to include the following items. P 80,000 Currencies and coins on hand 150,000 Notes receivable in the possession of a collection agency Customer's check, dated February 1, 2021, not yet presented to the bank 45,000

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A: Accrual basis of accounting is that basis of accounting in which income and expenses are recorded in…

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