Michael mcnamee is the proprietor of a property management, Accounting Basics

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Michael mcnamee is the proprietor of a property management

Michael McNamee is the proprietor of a property management? company, Apartment? Exchange, near the campus of Penscola State College.

The business has cash of? $8,000 and furniture that cost? $9,000 and has a market value of? $13,000.

The business debts include accounts payable of? $6,000. Michael's personal home is valued at? $400,000, and his personal bank account has a balance of? $1,200.

Identify the principle or assumption that best matches the? situation:

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