Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the...
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Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: 1 year (12 monthly periods) Monthly lease payments $60,eee at Jan. 1, 2021, through Dec. 1, 2021. Economic life of asset 5 years Interest rate charged by the lessor 10% Lease tern Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Round your answers to the nearest whole dollar amount.) No Answer is not complete. Date General Journal January 01, 2021 No journal entry required Debit Credit 1 N January 01, 2021 Lease expense Cash 3 February 01, 2021 Lease expense Cash 4 March 01, 2021 Lease expense Cash 5 April 01, 2021 Lease expense Cash
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