a. January 1-Record the right-of-use asset. b. January 1-Record the first lease payment. c. December 31-Record the year-end adjusting entry. • Note: Round your answers to the nearest whole dollar. Date a) Jan. 1 b) Jan. 1 c) Dec. 31 Account Name Right-of-Use Asset To record the right-of-use asset To record the first lease payment To record the year-end adjusting entry. Dr. 45,463 0 0 O 0 0 O Cr. 0 x 0 x 0 x 0x 0x 0x 0x
a. January 1-Record the right-of-use asset. b. January 1-Record the first lease payment. c. December 31-Record the year-end adjusting entry. • Note: Round your answers to the nearest whole dollar. Date a) Jan. 1 b) Jan. 1 c) Dec. 31 Account Name Right-of-Use Asset To record the right-of-use asset To record the first lease payment To record the year-end adjusting entry. Dr. 45,463 0 0 O 0 0 O Cr. 0 x 0 x 0 x 0x 0x 0x 0x
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter20: Accounting For Leases
Section: Chapter Questions
Problem 14E: Lessee and Lessor Accounting Issues The following information is available for a noncancelable lease...
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Question
![Recording Operating Lease Journal Entries-Lessee
Lessor Co. enters into an operating lease of property with Lessee Co. on January 1 for a five-year
term at an annual fixed lease payment of $10,000 (with beginning of year payments). Prepare the
journal entries for the lessee assuming that the lessee is aware of the rate implicit in the lease of
5%.
a. January 1-Record the right-of-use asset.
b. January 1-Record the first lease payment.
c. December 31-Record the year-end adjusting entry.
• Note: Round your answers to the nearest whole dollar.
Date
a) Jan. 1
b) Jan. 1
c) Dec. 31
Check
Account Name
Right-of-Use Asset
To record the right-of-use asset
To record the first lease payment
To record the year-end adjusting entry.
Dr.
45,463
0
0
0
0
O O
Cr.
0x
0x
0x
0x
0x
0x
0x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84a368bf-f6f4-43e3-8ec6-6deb4974783b%2F5415e499-0ad1-4f91-a959-c4c238894019%2Fsly5pu_processed.png&w=3840&q=75)
Transcribed Image Text:Recording Operating Lease Journal Entries-Lessee
Lessor Co. enters into an operating lease of property with Lessee Co. on January 1 for a five-year
term at an annual fixed lease payment of $10,000 (with beginning of year payments). Prepare the
journal entries for the lessee assuming that the lessee is aware of the rate implicit in the lease of
5%.
a. January 1-Record the right-of-use asset.
b. January 1-Record the first lease payment.
c. December 31-Record the year-end adjusting entry.
• Note: Round your answers to the nearest whole dollar.
Date
a) Jan. 1
b) Jan. 1
c) Dec. 31
Check
Account Name
Right-of-Use Asset
To record the right-of-use asset
To record the first lease payment
To record the year-end adjusting entry.
Dr.
45,463
0
0
0
0
O O
Cr.
0x
0x
0x
0x
0x
0x
0x
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