The journal entry to record lease transaction under low value lease exception. Given information: Fair value of asset is $4,900. Total lease payment is $4,200. Lease term is 42 month.

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Answer 1

Question

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

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The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2024. R Cash receipts journal VAT input 556,50 VAT output 14 676,48 Cash payments journal VAT input 9 375,12 VAT output 642,78 Purchases journal VAT 6 260,40 Sales journal VAT 8 037,12 Purchases returns journal VAT 871,75 Sales returns journal VAT 902,32 On 1 February 2024, the VAT input account had a debit opening balance of R14 768 and the VAT output account had a credit opening balance of R14 154. Calculate the closing balance of the VAT output account as at 28 February 2024

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Answer 2

Question

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Answer 6

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Answer 7

Chapter 18, Problem 18.18BE

To determine

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 18 - Does the lessee become the owner of the equipment...Ch. 18 - Prob. 18.2Q Ch. 18 - Prob. 18.3Q Ch. 18 - What are typical terms and provisions in a lease...Ch. 18 - How does a lease offer business and financial...Ch. 18 - Prob. 18.6Q Ch. 18 - How is the right-of-use asset measured?Ch. 18 - What components are included in a lease contract?Ch. 18 - How does a lessee separate lease and nonlease...Ch. 18 - How does a lessor separate lease and nonlease...

The journal entry to record lease transaction under low value lease exception. Given information: Fair value of asset is $4,900. Total lease payment is $4,200. Lease term is 42 month.

Solution Summary: The author explains the process of journaling the transactions of an organization in a chronological order.

Concept explainers

Videos

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.

Want to see the full answer?

Chapter 18 Solutions

The journal entry to record lease transaction under low value lease exception. Given information: Fair value of asset is $4,900. Total lease payment is $4,200. Lease term is 42 month.

Solution Summary: The author explains the process of journaling the transactions of an organization in a chronological order.

Concept explainers

Videos

To prepare: The journal entry to record lease transaction under low value lease exception. Given information: Fair value of asset is $4,900. Total lease payment is $4,200. Lease term is 42 month.

Want to see the full answer?

Chapter 18 Solutions

To prepare: The journal entry to record lease transaction under low value lease exception.

Given information:

Fair value of asset is $4,900.

Total lease payment is $4,200.

Lease term is 42 month.