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Problem: The owner of Seafood Restaurant purchased a new personal residence at a cost of $150,000 and debited this amount to the Buildings account in the restaurant's accounting records. The recording of this transaction in this manner violates the: a. Cost principle. b. Principle of the business entity. c. Objectivity principle. d. Going-concern assumption.

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The owner of Seafood Restaurant purchased a new personal residence at a cost of $150,000 and debited this amount to the Buildings account in the restaurant's accounting records. The recording of this transaction in this manner violates the:

a. Cost principle.

b. Principle of the business entity.

c. Objectivity principle.

d. Going-concern assumption.

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