ю 1 eBook Ravi Inc enters into a lease agreement to rent out construction equipment. The lease term is 1 year, and there are no renewal or purchase options. The fair value of the equipment is $22,000, and the monthly payments are $700, beginning on August 1, 20X4. Revi Inc elects to expense leases that are short term or low value in nature. Required: Prepare the journal entry to record lease payment by Ravi in August, using IFRS. (If no entry is required for a transaction/event. select "No joumal entry required" in the first account field.) View transaction Journal entry worksheet < Prepare the journal entry to record lease payment in August: Note: Enter debits before credits Date August 1, 2004 Genaral Journal Debit Credit Record entry Clear entry View general journal
ю 1 eBook Ravi Inc enters into a lease agreement to rent out construction equipment. The lease term is 1 year, and there are no renewal or purchase options. The fair value of the equipment is $22,000, and the monthly payments are $700, beginning on August 1, 20X4. Revi Inc elects to expense leases that are short term or low value in nature. Required: Prepare the journal entry to record lease payment by Ravi in August, using IFRS. (If no entry is required for a transaction/event. select "No joumal entry required" in the first account field.) View transaction Journal entry worksheet < Prepare the journal entry to record lease payment in August: Note: Enter debits before credits Date August 1, 2004 Genaral Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1
eBook
Ravi Inc enters into a lease agreement to rent out construction equipment. The lease term is 1 year, and there are no renewal or
purchase options. The fair value of the equipment is $22,000, and the monthly payments are $700, beginning on August 1, 20X4. Revi
Inc elects to expense leases that are short term or low value in nature.
Required:
Prepare the journal entry to record lease payment by Ravi in August, using IFRS. (If no entry is required for a transaction/event.
select "No joumal entry required" in the first account field.)
View transaction
Journal entry worksheet
<
Prepare the journal entry to record lease payment in August:
Note: Enter debits before credits
Date
August 1, 2004
Genaral Journal
Debit
Credit
Record entry
Clear entry
View general journal
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