50.1K

Verified Solution

Link Copied!

The following is list of accounts in alphabetical order each represented by letter(s). Use the following list of accounts for journalizing transactions. A O Notes Payable Accounts Payable Accounts Receivable B P Notes Receivable E Bonds Payable Q Premium on Bonds Payable F. Capital Lease Payable Cash R G S Rent Expense Retained Earnings Salaries & Wages Expense H Cost of Goods Sold T I U Sales Revenue J K L M Discount on Bonds Payable Equipment Income Tax Payable Interest Expense Interest Payable Merchandise Inventory V W X Y Sales Tax Payable Supplies Utilities Expense Income Summary Z Z Common Stock Question: Atlanta Company engaged in leasing a machine for quality control that requires payment of $3,800 at the end of each month. The economic life of the machine is 4 years. Poland Company normally is subject to 3.25% interest rate in business transactions. Click here to use Excel Example of Answer: A5678.20D A15000.00D Two Decimal Points. No comma, space, or dollar sign. Assume lease period is 45 months. What type of lease is this? Type in complete name. Answer = AM Assume lease period is 45 months. Provide journal entry on the date the lease contract was signed Answer A A Assume lease period is 45 months. Provide journal entry for the second monthly payment. Answer = A A Assume lease period is 30 months. Provide journal entry for the second monthly payment. Answer = AM A/ AJ

Answer & Explanation Solved by verified expert

See Answer