Answer:
Under north Carolina's laws, the developer must refund the buyer's money within a 30 day period since the purchase date. North Carolina law also sets a deadline of 5 calendar days to cancel a timeshare contract, so this buyer barely made it on time. A buyer cannot waive his right to cancellation, even if the option is not included in the contract.
Answer:
Explanation:
The journal entry to record the bad debt expense is shown below:
Bad debt expense A/c Dr $2,700
To Allowance for doubtful debts $2,700
(Being bad debt expense is recorded)
The computation of the bad debt expense is shown below:
= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)
= ($420,000 × 1%) - ($1,500)
= $4,200- $1,500
= $2,700
The corridor is the vertical section of the supply curve of reserves in the federal fund market.
