Question
Metlock Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following information relates to this agreement. 1. The
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Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessors annual accounting period ends on December 31, and it does not use reversing entries.Record journal entries in the order presented in the problem.)
choose the correct Date | Account Titles and Explanation | Debit | Credit | |
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| enter an account title To record the lease on January 1 2017 | enter a debit amount | enter a credit amount | |
enter an account title To record the lease on January 1 2017 | enter a debit amount | enter a credit amount | ||
enter an account title To record the lease on January 1 2017 | enter a debit amount | enter a credit amount | ||
enter an account title To record the lease on January 1 2017 | enter a debit amount | enter a credit amount | ||
(To record the lease) | ||||
1/1/2012/31/201/1/2112/31/21 | enter an account title To record the receipt of lease payment on January 1 2017 | enter a debit amount | enter a credit amount | |
enter an account title To record the receipt of lease payment on January 1 2017 | enter a debit amount | enter a credit amount | ||
(To record the receipt of lease payment) | ||||
1/1/2012/31/201/1/2112/31/21 | enter an account title for the journal entry on December 31 2017 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on December 31 2017 | enter a debit amount | enter a credit amount | ||
1/1/2012/31/201/1/2112/31/21 | enter an account title for the journal entry on January 1 2018 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on January 1 2018 | enter a debit amount | enter a credit amount | ||
1/1/2012/31/201/1/2112/31/21 | enter an account title for the journal entry on December 31 2017 | enter a debit amount | enter a credit amount | |
enter an account title for the journal entry on December 31 2017 | enter a debit amount | enter a credit amount |
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