Refer to Superbyte Corporation
Record the journal entries that SuperByte will make at the inception of the lease and on July 1.
What will be an ideal response?
Answer:
January 1
Lease Receivable 16,000,000
Sales Revenue 16,000,000
Cost of Goods Sold 12,000,000
Merchandise Inventory 12,000,000
Cash 1,493,617
Lease Receivable 1,493,617
July 1
Cash 1,493,617
Interest Revenue 870,383
Lease Receivable 623,234
Business
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