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Julien and Sarah are married, file a joint return, and have two children, Kaya and Christopher. Kaya just finished her third year at college and Christopher just finished his first year of graduate school (fifth year of college). Tuition and books for the past year were $1,800 for Kaya and $5,000 for Christopher. How much can Julien and Sarah claim in educational credits if their joint AGI was $128,000 for 2020?
Check Register
A record of checks written, deposits made, and balances in a checking account, used for tracking financial transactions.
Vouchers Payable
A liability account that records the obligation of the company to pay off a debt, typically for goods or services received.
Vouchers Payable
Vouchers payable is an accounting term for records that detail the amounts owed by a business to its suppliers or vendors for goods or services received.
Liability Account
An accounting record of amounts owed to creditors, representing claims against the company’s assets.
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