Question
When the City of Tallahassee makes its annual lease payment on an unpaid lease obligation, the journal entry for the governmental activities accounts will include:
When the City of Tallahassee makes its annual lease payment on an unpaid lease obligation, the journal entry for the governmental activities accounts will include:
A debit to Lease Obligation Payable.
A credit to Lease Obligation Payable.
A debit to Lease Expense.
A debit to Expenditures-Principal of Lease Obligation.
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
18th edition
1260190080, 1260190083, 978-1259917059
