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Kramer has two primary bank accounts. At December...

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Kramer has two primary bank accounts. At December 31, 2012, one of these accounts had bank overdrafts that caused the balance to have a negative balance of 100,000. The other bank account had a balance greater than 500,000. Kramer recorded the 100,000 overdraft as a liability. 1) What would the entry be using US GAAP? 2) What would be the entry using IFRS?

 

Paper#13071 | Written in 18-Jul-2015

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