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charle [14.2K]
1 year ago
6

The journal entry for recording payment for the short-term lease of a fixed asset would?

Business
1 answer:
wlad13 [49]1 year ago
3 0

The finance lease is the journal entry can be created by debiting the lease asset account and crediting the lease liability account. The amount of lease asset or lease liability recorded in this journal entry is the fair value of total lease payments.

Because short-term leases are not capitalized, no depreciation expense on the right of use asset or finance cost on the lease liability is recognized. Payments on short-term leases are expensed by the less on a straight-line or other systematic basis.

Debit the appropriate fixed asset account and credit the capital lease liability and account with the amount.

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Answer: Option C

                 

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The increase in value of a subsidiary will only increase the benefit of the stakeholders of that subsidiary while earnings is considered as a temporary benefit in corporate world.

Hence from the above we can conclude that the correct option is C.

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6. A radio station that carries news, features, and editorial opinions about
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Answer:

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A concentration ratio indicates the:
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Answer:

The correct answer is letter "A": number of firms in an industry.

Explanation:

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3 years ago
Sarasota Company has a balance of $2,200 in Allowance for Doubtful Accounts before adjustment. The estimated uncollectibles unde
andrew-mc [135]

Answer:

Debit : Allowance for doubtful debts = $2900

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An allowance for doubtful debts is recorded in the balance sheet, directly under accounts receivables. Bad debts are recorded as an expense in the income statement. When there is an allowance for doubtful debts, the bad debts account is debited and the allowance for doubtful debts account is credited.

According to the question, the balance was $2,200 (Cr) in the allowance for doubtful debts account. The initial expected amount for allowance for doubtful debts was $5100 (Cr). This means that the difference was the amount that was declared as uncollectible and officially written off i.e. bad debts. Thus $2900 ($5100 -$2200) would have been confirmed as bad debts.

The entry to record the above transaction is:

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3 years ago
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