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On August 1, 2016, Alpha Company entered into a capital lease, and correctly recorded the...

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Accounting

On August 1, 2016, Alpha Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $50,000. The annual interest rate implicit in the lease was 10%, and the first lease payment of $1,500 is due at the end of each month of the lease. Use this information to prepare the General Journal entry for the August 31, 2016 monthly lease payment. If no entry is required then write "No Entry Required."

Date Account Debit Credit
Aug 8, 2016
Aug 8, 2016
Aug 8, 2016

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