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  • Lessee entries

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    Thanh Mai
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    0 views1 page

    Lessee entries

    Uploaded by

    Thanh Mai

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Lessee entries

    Date of commencement
    Ordinary annuity Ordinary annuity
    Dr. Right – of – use assets Dr. Lease receivable
    Cr. Lease liability Dr. Cost of goods sold
    Annuity due Cr. Sales revenue
    Dr. Right – of – use assets Cr. Inventory
    Cr. Lease liability Annuity due
    Dr. Lease receivable
    Dr. Lease liability Dr. Cost of goods sold
    Cr. Cach Cr. Sales revenue
    Cr. Inventory
    Dr. Cash
    Cr. Lease receivable

    If residual value is unguaranteed, sales revenue


    and cost of goods sold are recognized only the
    portion of assests that are recovered.
     Sales revenue and cost of goods sold are
    reduced by the PV of unguaranteed
    residual value.
    Lease payment
    Ordinary annuity Ordinary annuity
    Dr. Interest expense Dr. Cash
    Dr. Lease liability Cr. Lease receivable
    Cr. Cash Cr. Interest revenue
    Annuity due Annuity due
    Dr. Lease liability Dr. Lease receivable
    Cr. Interest expense Cr. Interest revenue
    Amortization Sale of lease assets
    Dr. Depreciation expense Dr. Cash
    Cr. Right – of – use Cr. Lease receivable
    assets
    Not probable collectibility lease payments
    Dr. Cash
    Cr. Deposit liability

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