Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor View transaction list Journal entry worksheet

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2024. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field