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What journal entry should kurtz record on december

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Question - Kurtz Rentals rents equipment to Ditka on February 1. Lease terms require Ditka to make payments to Kurtz of $2,000 each quarter: April 30, July 31, October 31, and January 31. Kurtz receives payments for April, July, and October.

Required -

a. What journal entry should Kurtz record on December 31?

b. If this entry is not recorded, how will it affect Kurtz's financial statements?

Reference no: EM132530876

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