Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help!! Prepare a lease amortization schedule for Windsor for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) WINDSOR LEASING
I need help!!
Prepare a lease amortization schedule for Windsor for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) WINDSOR LEASING COMPANY (Lessor) Lease Amortization Schedule Interest on Lease Recovery of Lease Receivable Receivable Annual Lease Payment Plus BPO Date Lease Receivable 5/1/20 0 85,000 A 5/1/20 17865.02 17865.02 67,134.98 5/1/21 17865.02 4028.10 13836.92 53,298.06 38,630.92 5/1/22 17865.02 3197.88 14,667.14 5/1/23 17865.02 15547.16) 23,083.76 5/1/24 2317.86 1385.03 396.23 16479.99 17865.02 7,000 T 6603.77 0 4/30/25 6603.77 96 325 10 96,325.10 11,325.10 85,000 5/1/20 cash 17865.02 Lease Receivable 17865.02 (To record lease payment) L. 1 ..---- - - ---- 12/31/20 Interest Receivable 2685.40 Interest Revenue 2685.40 Ix- 76/1/21 5/1/21 cash Cash 4028.10 X...... Lease Receivable 13836.92 Cash 17865.02 BEHILLUESHE | 12/31/21 9 12/31/21 A Interest Receivable Interest Receivable 2131.92 Interest Revenue 2131.92 Your answer is partially correct. Try again. Suppose the collectibility of the lease payments was not probable for Windsor. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.) Date Account Titles and Explanation Debit Credit Interest Receivable 1545.24 Interest Revenue 1545.24
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started