Alessor received a cash rental payment from a lessee at the end of the carent period. The assel was leased at the beginning of the current period and was properly recorded as a sales-type Inase Which journal entry should the lessor use to record the payment? Ⓒ Credit Cash; Debit Lease Liability: Credit Interest Expense O Debit Interest Revenue; Debit Lease Receivable; Credit Cash O Debit Cash; Credit Interest Revenue: Credit Lease Receivable O Debit Interest Expense; Credit Cash; Credit Lease Liability NEXT > BOOKMARK

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A lessor received a cash rental payment from a lesses at the end of the current period. The assel was leased at the beginning of the current period and was properly recorded as a sales-type Inase
Which journal entry should the lessor use to record the payment?
O Credit Cash; Debit Lease Liability: Credit Interest Expense
O Debit Interest Revenue; Debit Lease Receivable; Credit Cash
Debit Cash; Credit Interest Revenue; Credit Lease Receivable
Debit Interest Expense; Credit Cash; Credit Lease Liability
NEXT >
BOOKMARK
Transcribed Image Text:8 A lessor received a cash rental payment from a lesses at the end of the current period. The assel was leased at the beginning of the current period and was properly recorded as a sales-type Inase Which journal entry should the lessor use to record the payment? O Credit Cash; Debit Lease Liability: Credit Interest Expense O Debit Interest Revenue; Debit Lease Receivable; Credit Cash Debit Cash; Credit Interest Revenue; Credit Lease Receivable Debit Interest Expense; Credit Cash; Credit Lease Liability NEXT > BOOKMARK
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