On April 1, 2016, Maine Corporation paid $9,300 cash in advance for a one-year lease on an office building. Assume that Maine records the prepaid rent as an asset and that the books are closed on December 31. Show the payment for the one-year lease and the related adjusting entry to recognize rent expense in the accounting equation.

Connors Company paid $700 cash to make a repair on equipment it sold under a oneyear warranty in the prior year. The entry to record the payment will debita. Accrued Warranty Payable and creditCash.b. Operating Expense and credit Cash.

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 Note: Enter debits before credits. Record the beginning of the lease for Chance. Date January 01, 2021 5 Record entry 1 year (12 monthly periods) $78,000 at Jan. 1, 2821, through Dec. 1, 2821. 5 years 9% General Journal Clear entry Debit Credit View general Journal

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor View transaction list Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet < 1 2 3 4 5 1 years (12 monthly periods) on January 1, 2024, through December 1, 2024. years $56,000 5 8% Record the beginning of the lease for Chance. A

Kessel Company purchased a building and land with a fair market value of $525,000 (building, $275,000 and land, $250,000) on January 1, 2018. Kessel signed a 15-year, 10% mortgage payable. Kessel will make monthly payments of S5,641.68. Round to two decimal places. Explanations are not required for journal entries. Read the reguirements. Re X Jebits first, then credits. Exclude explanations from any journal entries.) Requirements dit 1. Journalize the mortgage payable issuance on January 1, 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2018. 4. Journalize the second payment on February 28, 2018. Print Done

Kessel Company purchased a building and land with a fair market value of $525,000 (building, $275,000 and land, S250,000) on January 1, 2018. Kessel signed a 15-year, 10% mortgage payable. Kessel will make monthly payments of $5,641.68. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit O Requirements 2018 Jan. 1 Building 275,000.00 Land 250,000.00 1. Journalize the mortgage payable issuance on January 1, 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2018. 4. Journalize the second payment on February 28, 2018. Mortgage Payable 525,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers f Beginning Principal Interest Total Ending Print…

Crane Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $625,000. The lease is a finance lease. Prepare the journal entry that the lessee should make to record this transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Carla Vista Corporation owns equipment that cost $94,400 and has a useful life of 8 years with no salvage value. On January 1, 2025, Carla Vista leases the equipment to Sandhill Inc. for one year for one rental payment of $17,700 on January 1. Assuming Sandhill (lessee) elects to use the short-term lease exception, prepare Sandhill's 2025 journal entry. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Keel Company purchased a building and land with a fair market value of $650,000 ​(building, $550,000 and​ land, $100,000​) on January​ 1, 2018. Keel signed a 20​-year, 8​% mortgage payable. Keel will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not required for journal entries.   1. Journalize the mortgage payable issuance on January​ 1, 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January​ 31, 2018. 4. Journalize the second payment on February​ 28, 2018.     Requirement 2. Prepare an amortization schedule for the first two payments. ​(Round all numbers to the nearest​ cent.)     Beginning Principal Interest Total Ending   Balance Payment Expense Payment Balance 1/1/2018           1/31/2018           2/28/2018

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor View transaction Bet Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2024. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Journal entry worksheet 1 2 3 Note: Enter debits before credits. Date January 01, 2024 Record entry 4 Record the beginning of the lease for Chance. 5 1 $48,000 5 9% General Journal Clear every years (12 monthly periods) on January 1, 2024, through December 1, 2024. years Debit Credit View general Journal