1.The journal entry to record the financing lease contract in the records of the lessor is

1. Dr. accounts receivable, Cr. The leased assets.
2. Dr. accounts payable, Cr. The leased assets.
3. Dr. cash, Cr. The leased assets.
4. Dr. The leased assets. Cr. accounts receivable

2.The journal entry to record the financing lease contract in the records of the lessee is

1. Dr. The leased assets., Cr. Liability for the leased asset
2. Dr. accounts payable, Cr. The leased assets.
3. Dr. cash, Cr. The leased assets.
4. Dr. the Liability for the leased asset, Cr. The leased assets.

3.the amount received by the lessor under the financing lease is recorded as

1. Dr. Cash, Cr. Accounts receivable.
2. Dr. Cash, Cr. Accounts receivable, Cr. Interest income.
3. b. Dr. Cash, Cr. Interest income.
4. Dr. accounts payable, Cr. Interest income.