Shirley qualifies for a $12,000 auto loan and chooses a 36-month loan term versus a 60-month loan term. how will the shorter term of the loan affect shirley?
a. shirley will save money on interest.
b. shirley's car will appreciate in value.
c. shirley will pay more in interest.
d. shirley's car will depreciate in value.
Answers: 3
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Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.
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Shirley qualifies for a $12,000 auto loan and chooses a 36-month loan term versus a 60-month loan te...
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