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02-01-2018
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Someone may choose to own a car instead of leasing because

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02-01-2018

Someone might choose to own a car instead of leasing because they do not want to make payments over a period of time. They would rather pay one upfront cost in order to pay less for the car.

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Note Payable (due Nov 1, 20X2) $ 2,000 Retained Earnings (Jan. 1, 20X1) $ 3,900 Revenues 55,600 Supplies 700 Supplies Expense 6,600 Cash 6,900 Insurance Expense