On 1 June, Sunny Nursery Ltd (lessee) signed a 2-year operating lease agreement with Bunnings Rentals Ltd
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On 1 June, Sunny Nursery Ltd (lessee) signed a 2-year operating lease agreement with Bunning’s Rentals Ltd (lessor) to lease gardening tools for $400 per month. Payments are due every 2 months on the last day of the month. Both the lessee and the lessor have a 30 June year-end.
Required
Record the first lease payment in the books of both the lessee and the lessor.
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i Lessors books Entry 400 Lessor records the cash received from lessee ...View the full answer
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ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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