when is mail merge an effective productivity tool? a. when a lot of letters with the same body text need to be personalized. b.
2 answers:
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Answer:
Schedule:
Journal entries:
equipment 113,515 debit
lease liablity 97,815 credit
cash 15,700 credit
--to record lease agrement and first payment.
interest expense 2,934 debit
lease liability 2,934 credit
--to record interest for the year 2021--
lease liablity 15,700 debit
cash 15,700 credit
--to record Jan 1st,2022 Payment--
Explanation:
As the payment are at the beginning there is no interest in the first period.
We record the expense for the year at Dec 31th Increasing the liability. When paying we increase decrease the liability and cash.