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liubo4ka [24]
3 years ago
11

Suppose a customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,400 ($1,100/month). Record Rent-A-Car

's adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
mojhsa [17]3 years ago
3 0

Answer:

On December 31, Rent-A-Car should record revenue by the adjusting entry:

Debit Unearned revenue $3,300

Credit Revenue $3,300

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

A customer rents a vehicle for four months from Rent-A-Car on October 1, paying $4,400 ($1,100/month). On December 31, Rent-A-Car should record revenue by the adjusting entry:

Debit Unearned revenue $3,300

Credit Revenue $3,300

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timurjin [86]

Answer:

Modified Rebuy

Explanation:

Modified Rebuy is the situation or circumstance of buying in which the organization or an individual purchase the goods that have been purchased or bought prior but changes either some other elements or supplier of the previous or prior order.

In this situation. the buyer wants the modification product specifications, suppliers, terms and prices.

So, in this case, Caribou is looking for the new supplier for the product it has bought in the past, which makes the situation of modified rebuy.

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3 years ago
Why might Juan choose a traditional savings account over other more aggressive savings plans?
aniked [119]

Answer:

He needs to be able to withdraw funds at any time.

Explanation:

Juan might choose a traditional savings account over other more aggressive savings plans because a savings account allows him to deposit his money and receives an interest and his money is available for withdrawal at any time he needs it but other more aggressive savings plans that probably would pay higher interest rates don't allow to withdraw the funds for a period of time. Because of this, the answer is that he needs to be able to withdraw funds at any time.

3 0
3 years ago
After a foreclosure of an fha insured loan, the lender will receive compensation in the form of?
Nostrana [21]

Lenders who foreclose on FHA-insured loans are compensated with the outstanding sum plus expenses.

<h3>What is a loan with FHA insurance?</h3>

An FHA-approved lender offers a mortgage loan that is guaranteed by mortgage insurance from the US Federal Housing Administration. Lenders are safeguarded from losses through FHA mortgage insurance. A government-backed mortgage that is insured by the Federal Housing

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If a property owner defaults on their mortgage, we'll pay a claim to the lender for the unpaid principal sum. Lenders are able to provide more mortgages to homebuyers because they are taking on less risk.

To learn more about FHA-insured loan, refer to:

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6 0
2 years ago
Which of the following best describes why the aggregate demand curve is downward sloping?
BlackZzzverrR [31]

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The Aggregate Demand (AD) curve is used to measure the impact that price level has on the expenditure in the economy.

The AD comprises of Investment, Consumption Spending, Government spending and Net Income.

When prices are high, households will spend less as they cannot afford to spend a lot which will reduce consumption spending.

Another result of a high price level is that people will have less money to save and so there will be a lower supply of loanable funds.

Both of these components of the AD reduce when prices increase and vice versa. This is why the AD is downward slopping.

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3 years ago
The Tax Cuts and Jobs Act suspends all miscellaneous itemized deductions that are subject to the 2% floor under present law. For
olga55 [171]

Answer:

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