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Maria Sanchez Operates a Typing Service

question 20

Essay

Maria Sanchez operates a typing service. During the month of July, the first month of operations, the firm had the following transactions. Record these transactions on page 5 of a general journal. Omit the descriptions. Maria Sanchez operates a typing service. During the month of July, the first month of operations, the firm had the following transactions. Record these transactions on page 5 of a general journal. Omit the descriptions.


Definitions:

Trade Fixtures

Personal property items attached to a property that are used in a trade or business and can be removed by the lessee when the lease ends.

Sublease

An agreement where the original tenant of a lease rents out their space to another party (the subtenant) for a period within the lease term.

Fixtures

refer to objects that were originally personal property but became attached to and part of real property in a way that they cannot be removed without damage.

Lease Term

The duration for which a lease agreement is effective, specifying the start and end date, as well as conditions for renewal or termination.

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