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Jennifer and Vince Have Obtained a Divorce,and Under the Court-Supervised

question 89

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Jennifer and Vince have obtained a divorce,and under the court-supervised and ordered settlement,the Mercedes has been awarded to Jennifer.There is still money owed on the joint loan regarding the car,and the court has ordered Jennifer responsible for the debt.If Jennifer stops making payment to the bank on the loan,what may the bank do?


Definitions:

Transactions

The exchange or transfer of goods, services, or funds between two or more parties.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may begin and end at any point during the calendar year.

Journalize

The process of recording transactions into the accounting journal as part of the accounting record-keeping system.

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