Prepare the journal entries for the lessee and lessor at May 30, 2023, the inception of the lease, and at December 31, 2023, which is the year end for both the lessee and lessor. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Lessee: Date Lessor: Date + + + + Account Titles and Explanation (To record lease payment) (To record interest) (To record depreciation expense) Account Titles and Explanation (To record inception of lease) (To record collection of lease payment) (To record interest) Debit Debit O NO Credit Credit
Prepare the journal entries for the lessee and lessor at May 30, 2023, the inception of the lease, and at December 31, 2023, which is the year end for both the lessee and lessor. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Lessee: Date Lessor: Date + + + + Account Titles and Explanation (To record lease payment) (To record interest) (To record depreciation expense) Account Titles and Explanation (To record inception of lease) (To record collection of lease payment) (To record interest) Debit Debit O NO Credit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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