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Printzone Products, Inc. leases several copy machines from Smith Office Services. Under the terms of the agreement, Printzone will pay rentals of $1,400 per month
Printzone Products, Inc. leases several copy machines from Smith Office Services. Under the terms of the agreement, Printzone will pay rentals of $1,400 per month for a 7-month period. Printzone elects to apply the exemption for short-term leases. That is, Printzone makes a policy election not to record the lease liability and the right-of-use asset. What is the journal entry made each month to record the rental payments?
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