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In 2010, Bill is unable to pay his car loan. The bank repossesses the car and sells it for $4,000, leaving a deficiency balance
In 2010, Bill is unable to pay his car loan. The bank repossesses the car and sells it for $4,000, leaving a deficiency balance of $2,000. In 2020, Bill has been working regularly and trying to rebuild his credit. He has accumulated $2,000 in cash and he brings it to the bank to pay the deficiency. What entry does the bank make to record this activity?
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The bank would make the following journal entry to record the payment of the deficien...
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Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
23rd Edition
978-0324662962
