Jim Bought a Foreclosed House in a Rundown Part of Town

question 14

Multiple Choice

Jim bought a foreclosed house in a rundown part of town. The price was a bargain. The place needed a great deal of fixing up, but it was located right smack in the middle of town. Others like him were also moving into the area and fixing up old houses. Jim was taking part in

• A) building a suburb.
• B) gentrification.
• C) an edge city.
• D) development of a megaregion.

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Definitions:

General Journal

A journal used in accounting that records all day-to-day financial transactions in chronological order.

Unearned Legal Fees Revenue

Revenue recognized for legal services not yet provided; it is recorded as a liability until the service is delivered.

General Journal

A foundational accounting record where transactions are recorded in chronological order before being posted to specific accounts in the general ledger.

General Journal

An accounting ledger where all types of financial transactions are initially recorded before being posted to specific accounts.