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. 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

$$78,000$ year's $(12$ monthly periods$)$

Economic life of asset

$$78,000$ on January $1,2024,$ through December $1,2024.$

Interest rate charged by the lessor

$5\%$ years

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.

Journal entry worksheet

Record the beginning of the lease for Chance.

Noie: Enter debits before credits.

Related Information:

Lease term $1$ years $(12$ monthly periods$)$

Monthly lease payments $$78,000$ on January $1,2024,$ through December $1,2024.$

Economic life of asset $5$ years

Interest rate charged by the lessor $9\%$

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.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

$$78,000$ on January $1,2824,$ through Decenber $1,2024.$

Interest rate charged by the lessor

$5\%$ years

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.