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After a car is purchased at $43000 and looses 25% worth every year then the car will be worth $9200 or less after four(4) years.
What does Purchase mean?
Purchase is a term used to refer to the acquisition of goods or services in exchange for money. It is a common business transaction and can involve buying something outright or entering into an agreement to pay for it over time.
What does Services mean?
Services is a broad term that refers to any type of work or activity performed to meet the needs of a customer. Services can range from professional services like accounting or consulting to tangible products like food or clothing. Services are typically intangible in the sense that they cannot be touched, felt, or seen, but the benefits they provide are very real.
As per the price of the car which is $43,000 and it looses 25% each year which is $10750. From this we come to know that the car will be worth of $9200 or less within 4 years.
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Answer:
The answer is false.
Explanation:
The $6,500 received for two seasons ticket is unearned revenue at September 1.
Unearned revenue have been received in advance but the customer has not enjoyed the service.
As the company enjoys this service monthly till the subscription finishes, revenue will be recognized and unearned revenue which is a liability in the balance sheet will reduce by the same value.
Two seasons ticket is 2 years(24 months).So what will be recognized monthly will be $270.83 ($6,500/24months)
September 1 through December 31 is 4 months.
So the adjusting entry at December 31 is 4 x $270.83
=$1,083.32
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