Interest is defined as the amount paid regularly at an agreed rate for the use of money lent. Depending on the agreement of both parties, interest is for the delayed repayment of a debt. So, to answer the question above: True.
Answer:
Debit to Lease receivable for the sum of the cash payments over the term of the lease.
Explanation:
Lease payments are classified as an asset receivable to the lessor in the future. Hence we debit lease receivable.
The correct answer should be 30 because you don't want too much pressure .
Answer:
S/n Account Title and Explanation Debit Credit
a. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
b. Bad Debt Expense $5,460
($182,000 sales x 3%)
Allowance for Doubtful Accounts $5,460
(To record bad debt expense)
