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Date Nov. I 2 3 Description of Events 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. 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. 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. REC completes the installation booked on October 1 7 for Lauren Zahn. The total revenue is $1 ,500; however, since half of it has already been collected, she only pays $750.