Question

Date Description of Events Nov. I REC buys the van for a price of $14,000. REC will pay $1,040 in cash and finance the rest with an auto loan. • Make sure your amortization schedule is complete, as you will need it to make payments on this loan. I Ron decides REC will need a secure place to store his supplies and equipment. He arranges to rent a small storage space for $500. REC pays cash for November and prepares the space use. 2 REC sends the van to be modified for use. Car Customizers charges $4,000 for the work, payable in 30 days. The van is ready in four days. 3 REC completes the installation booked on October 17 for Lauren Zahn. The total revenue is $1,500; however, since half of it has already been collected, she only pays $750.

          Date
Description of Events
Nov. I REC buys the van for a price of $14,000. REC will pay $1,040 in cash
and finance the rest with an auto loan.
• Make sure your amortization schedule is complete, as you will
need it to make payments on this loan.
I Ron decides REC will need a secure place to store his supplies and
equipment. He arranges to rent a small storage space for $500. REC
pays cash for November and prepares the space use.
2 REC sends the van to be modified for use. Car Customizers charges
$4,000 for the work, payable in 30 days. The van is ready in four days.
3 REC completes the installation booked on October 17 for Lauren Zahn.
The total revenue is $1,500; however, since half of it has already been
collected, she only pays $750.

Date
Description of Events
Nov. I REC buys the van for a price of 14,000. REC will pay1,040 in cash
and finance the rest with an auto loan.
• Make sure your amortization schedule is complete, as you will
need it to make payments on this loan.
I Ron decides REC will need a secure place to store his supplies and
equipment. He arranges to rent a small storage space for 500. REC
pays cash for November and prepares the space use.
2 REC sends the van to be modified for use. Car Customizers charges4,000 for the work, payable in 30 days. The van is ready in four days.
3 REC completes the installation booked on October 17 for Lauren Zahn.
The total revenue is 1,500; however, since half of it has already been
collected, she only pays750.

Added by Jose Ramon A.

Question

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