Suppose a customer rents a car for three months from Speedy Rental on November 1...
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Accounting
Suppose a customer rents a car for three months from Speedy Rental on November 1 paying $4.500 ($1, 500/month). Record the rental for the company on November 1. Record the 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)
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