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13. The seller collected the monthly rent of $550 from the tenant on September 1. At the September 15 closing, A. the seller owes the buyer $550. B. the seller owes the buyer $275. C. the buyer owes the seller $275. D. the tenant owes the buyer $275.

13. The seller collected the monthly rent of $550 from the tenant on September 1. At the September 15 closing, A. the seller owes the buyer $550. B. the seller owes the buyer $275. C. the buyer owes the seller $275. D. the tenant owes the buyer $275.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Number 13
12. Security deposits for rental property should be 12 Security deposits for rental property should be Listed in a closing statement as a debit to A. the buyer. B. the seller. C. the tenants. D. the escrow agent. 13. The seller collected the monthly rent of $550 from the tenant on September 1. At the September 15 closing, A. the seller owes the buyer $550. B. the seller owes the buyer $275. C. the buyer owes the seller $275. D. the tenant owes the buyer $275. 14. The buyer of an $80,000 house has paid $5,000 as earnest money and has a loan commitment for 70% of the purchase price. How much more cash does the buyer need to complete the transaction? A. $5,000 B $19,000 C.$24,000
Transcribed Image Text:12. Security deposits for rental property should be 12 Security deposits for rental property should be Listed in a closing statement as a debit to A. the buyer. B. the seller. C. the tenants. D. the escrow agent. 13. The seller collected the monthly rent of $550 from the tenant on September 1. At the September 15 closing, A. the seller owes the buyer $550. B. the seller owes the buyer $275. C. the buyer owes the seller $275. D. the tenant owes the buyer $275. 14. The buyer of an $80,000 house has paid $5,000 as earnest money and has a loan commitment for 70% of the purchase price. How much more cash does the buyer need to complete the transaction? A. $5,000 B $19,000 C.$24,000
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Accrual concept states that revenues are recorded when earned and expenses are recorded when incurred, irrespective of actual flow of cash.

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