Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the last time I have asked this question 4 times and people have given me the four entries when I need all 5 for

For the last time I have asked this question 4 times and people have given me the four entries when I need all 5 for the required part 2 section of this problem. Please do not give me the entries with 10000 or 15000 I need the RIGHT ones PLEASE JUST GIVE ME THE RIGHT ANSWER.

I NEEDS THESE 5 ENTRIES FOR COMPUTERWORLD PART 2.

image text in transcribed On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. - The contract calls for four rent payments of $15,000 each, payable semiannually on June 30 and December 31 each year. - The computers were acquired by ComputerWorld at a cost of $100,000 and were expected to have a useful life of five years with no residual value. - Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers in the tabs below. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. (Round your intermediate calculations and final answers to the nearest whole dollar.) (1) Record the beginning of the lease for ComputerWorld Leasing. Record the lease payment received by ComputerWorld Leasing. Record depreciation for ComputerWorld Leasing. Record the lease payment received by ComputerWorld Leasing. Record depreciation for ComputerWorld Leasing. Note : = journal entry has been entered

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing

Authors: Michael C. Knapp

11th edition

1305970810, 9781337514811, 1337514810, 978-1305970816

More Books

Students also viewed these Accounting questions

Question

3. Understand the characteristics of a good hypothesis.

Answered: 1 week ago