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julsineya [31]
4 years ago
11

Hemming saw an advertisement for a Cadillac convertible once owned by the famous early rock ’n’ roll singer Elvis Presley. He co

ntracted to buy it from Whitney for $350,000 and sent Whitney $10,000 as a deposit. But, after some delay, Whitney returned the $10,000 and informed Hemming that the car had been sold to another purchaser. What potential remedy or remedies does Hemming have?
Business
1 answer:
Svetllana [295]4 years ago
5 0
Remedies should be stated in the sales contract. Check there or share the file. If not contact a lawyer in the Whitney area
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Answer:

                                        Debit                            Credit

July 2021

Cash                                 17,500

Loan payable                                                        17,500

June 30, 2022

Loan Payable                   17,500

Interest payable                 2,100

Cash                                                                     19,600

Adjusting Entry's

                                         Debit                                Credit

Interest expense               1050

Interest Payable                                                            1050

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