Provides all the journal entries

Assignment Help Accounting Basics
Reference no: EM132738406

Question - On January 1, 20x1, lessor enters into a 4 years lease of equipment. The equipment has a remaining useful life of 15 years. The annual lease payments, payable at the end of each year are as follows:

20x1 - P100,000

20x2 - 120,000

20x3 - 140,000

20x4 - 160,000

As an inducement to enter to lease, Lessor granted Lessee the first six months of the lease as rent-free. Lessor receives a lease bonus of P20,000.

Required - Provides all the journal entries.

Reference no: EM132738406

Questions Cloud

Make the necessary journal entries by Twin Digital on July : Twin Digital retired the bonds at 101 ($10.1 million) before their scheduled maturity. Make the necessary journal entries by Twin Digital on July
Cost Structure-Break-Even and Target Profit Analysis : Cost Structure-Break-Even and Target Profit Analysis - If the company sells exactly the break-even quantity of each product, what will be the overall profit
Prepare general journal entries for Arrow-A Company : Merchandising Journal Entries - Prepare general journal entries for Arrow-A Company to record the following transactions for the month of June
Find the balance of the Share Capital of XYZ Ltd at June : A private placement of 5000 shares at $1 a share was made, Find the balance of the Share Capital of XYZ Ltd at 30 June 2019
Provides all the journal entries : Lessor granted Lessee the first six months of the lease as rent-free. Lessor receives a lease bonus of P20,000. Provides all the journal entries
What is the accountant role in systems analysis : Systems analysis is often performed by a project team composed of a systems analyst, What is the accountant's role in systems analysis
What will be the annual total combined savings : What will be the annual total combined savings to ordering costs and holding costs when using the reduced order cost, as compared to the original ordering cost
How much is the deferred tax expense : In 2003, the Worf Company, reported pretax financial income of P500,000. How much is the deferred tax expense (benefit) for 2003
System engineering management plan : Identify and describe the importance of the system engineering management plan (SEMP along with the risk management plan.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Arnav can complete one-fourth of a piece of work in

arnav can complete one-fourth of a piece of work in five-twelfth of the time taken by bhavan to complete the entire

  Find the amount of bonus payable

The basic wage rate was Sh.180 per hour for both employees. For every hour saved, a bonus was paid at 20% of the basic wage rate. Find amount of bonus payable

  Refer to the original data assume that the company sold

refer to the original data. assume that the company sold 31000 units last year. the sales manager is convinced that a

  Make the journal entry if any to record the impairment

The company intends to use this equipment in the future. Make the journal entry, if any, to record the impairment at December 31, 2020

  Determine the total amount that should be included

Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. Determine the total amount that should be included

  The greek company has two divisions beta and gamma gamma

the greek company has two divisions beta and gamma. gamma division produces a product at a variable cost of 6 per unit

  What is the amount of depreciation expense

What is the amount of depreciation expense for 2020, if the company uses the double-declining-balance method of depreciation

  When he receives a customers cheque for less than the full

advanced radio repairs make all sales on account. cash receipts arrive by mail. james opens the envelopes and separates

  What are common-sized financial statements

The balance in the unearned fees account, before adjustment at the end of the year, is $9,750. What is the adjustment if the amount of unearned fees.

  What is the par value of the preferred stock

How many shares of common stock are outstanding, What is the par value of the preferred stock

  What is interest that has been payable on loans

A company has the following entries on its pro?t and loss statement: Turnover = £20,000, cost of goods sold = £10,000, operating expenses = £2,000.

  I will focus more on the accounting and management of

in this will focus more on the accounting and management of receivables because it is a more difficult topic. accounts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd