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 1 years (12 monthly periods) $62,000 on January 1,2024 , through December 1,2024. 5 years 8% 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 lease payment made by Chance. Note: Enter debits before credits. 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 1 years ( 12 monthly periods) $62,000 on January 1,2024 , through December 1, 2024. 5 years 8% 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 lease payment made by Chance. Note: Enter debits before credits. 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 1 years (12 monthly periods) on January 1, 2024, through December 1, 2024. 5 years 8% 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. Note: Enter debits before credits. 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 1 years (12 monthly periods) on January 1, 2024, through December 1, 2024. 5 years 8% 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 lease payment made by Chance. Note: Enter debits before credits. 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 1 years (12 monthly periods) on January 1, 2024, through December 1, 2024. 5 years 8% 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 lease payment made by Chance. Note: Enter debits before credits