Pharoah Corporation owns equipment that cost $89,600 and has a useful life of 8 years with no salvage value. On January 1, 2025, Pharoah leases the equipment to Sheridan Inc. for one year for one rental payment of $16,800 on January 1. Assuming Sheridan (lessee) elects to use the short-term lease exception, prepare Sheridan'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

Q: Attributes about an entity- Select one. O a. Database O b. Record O c. Field O d. File

A: Attributes about an entity are fields.

Q: Define terminal date

A: Answer: In finance, horizon date is called as terminal value. It is the date from which individual…

Q: Plane CC was registered on 1 August 2015. The founding statement of the Close Corporation (CC) sets…

A: The main purpose of preparing an appropriation account in the partnership firm is to determine how…

Q: Name and explain different disclosure practice.

A: Disclosure accounting refers to displaying important information for investors. It is important for…

Q: In which document would you find the MD&A? O A. Form 8-K O B. Form 10-K O C. Both A and B O D.…

A: Paid-in Capital Paid-in capital is that the total quantity cash equivalents contributed to a company…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: Distinguish between source and voucher papers

A: Given : This question explains about distinguish between source and voucher papers.

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: what is an example of data flow diagram, fixed asses system?

A: A data flow diagram (DFD) refers to a graphical representation of a flow of any information or…

Q: In a data visualization, the vertical axis typically shows __________.   Multiple Choice   values…

A: A column chart will include data labels along the horizontal (X) axis with measured metrics or…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: B. Working trial ba C. Control accoun

A: The correct answer is  a. Lead schedule

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: Part C and Part D are incorrect. Please help.

A: Dividend per share = Dividend declared to common stockholders / Number of common shares outstanding…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Why is a “blind” purchase order used as a receiving report document?

A: Blind Purchase Order: Blind purchase order contains all the information related to the purchase of…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: Please see images

A: Inventory is the goods and material a business holds for resale. LIFO:-  As the name suggests Last…

Q: Describe the alternative approach to record prepayments.

A: Prepayments are the amounts paid in advances for expenses of future period. Alternative approach to…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: When are adjusting entries made to the worksheet, and what is their purpose? When are the…

A:

Q: Explain Change in Reporting Entity.

A: A reporting entity is an entity whose general-purpose financial report is used by its users to have…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What are reversing entries, and how do they work?

A: The journal entries recorded would be general entries, adjusting entries and reversing entries.…

Q: How do you make a two-dimensional columnar chart in excel?

A: The objective of this question is to create a two-dimensional columnar chart in Excel. This type of…

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.