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THERE ARE 8 JOURNAL ENTRY ROWS PLEASE DONT TAKE THE QUESTION IF YOU CANT ANSWER IT ! ! ! ! Oriole COmpany ( Machinery dealer
THERE ARE JOURNAL ENTRY ROWS PLEASE DONT TAKE THE QUESTION IF YOU CANT ANSWER IT
Oriole COmpany Machinery dealer leased a maching to Pharoah Corporation Jan. Lease if for an year period and requires equal annual payments of at the beginning of each year. The first payment is recieved Jan st Oriole had purchased the machine furing for $ Collectibility of lease payments by Oriole id probale. Oriole set the annual rental to ensure a rate of return. The machine has an economic life of years with no residual value and reverts to Oriole at the termination of the lease. b
Prepare all necessary journal entries for Oriole for List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and
enter for the amounts. Round answers to decimal places eg Record journal entries in the order presented in the problem.
Date
Account Titles and Explanation
Debit
Credit
RightofUse Asset
To record the lease
Unearned Lease Revenue
To record the first lease payment
THERE ARE JOURNAL ENTRY ROWS!!!!!! PLEASE DON"T TAKE THE QUESTION F YOU ARE NOT GOING TO ANSWER IT
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