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Record the vehicle rental from Cedar Rental on November

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Reference no: EM133112964

Question - Cedar Rental is an car rental service located in Iowa. Cedar Rental rents a vehicle to a customer for three months on November 1. The customer pays Cedar Rental a total of $6,000 ($2,000/month).

Record the vehicle rental from Cedar Rental on November 1.

Record adjusting entry on December 31.

Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).

Reference no: EM133112964

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