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Clara is planning to incorporate a new landscaping company, "Evergreen and Growin'." She has held herself out as an agent for Evergreen and has contracted to buy a truck, tools, fertilizer, and seed and also has entered into a lease on behalf of Evergreen for an office.When she fails to get the loan from the bank, she cannot start the business, so she cancels all the contracts.What are the consequences?
Cash Account
A financial account that tracks the flow of cash transactions, including receipts and payments, within a company.
Sales Discounts
Reductions in the sale price offered by a seller as an incentive for prompt payment by the buyer.
Cash Collection
The process of gathering and processing payments received from customers or clients.
Credit Terms
The conditions under which credit will be extended to a borrower, including repayment schedule, interest rate, and the lifespan of the loan.
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