Replies to post #16929 on Salamon Group, Inc. (fka SLMU)

[standintall]

Apparently your knowledge of bookkeeping is very limited. The term "recognizing" is not like a certificate of merit for donated work. It is an accounting term signifying that the company entered an expense in that amount on the books and, since not paid in cash, the amount was added to the accounts payable.

So you are correct that the company didn't write MM a check. Heck, it couldn't write a check for a pack of gum.. but it did create an IOU saying that when cash does come into the company, $30k of it, as of March 31, was due MM. If the company recognizes another $30k for the last three months, then the company will owe MM $60k.

So, I am not misleading and I do have my facts straight but it appears as if someone else may not.