Question

fix the errors please

Chance Enterprises leased equipment from Third Bank Leasing on January 1 2021. Chance elected the short-term lease option Appropriate adjusting entries are made annually Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $44,000 at Jan. 1, 2021, through Dec. 1, 2021. 5 years Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1. 2021 (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to the nearest whole dollar amount.) ® Answer is complete but not entirely correct. No Date General Journal Credit January 01, 2021 Lease expense Debit 44000 440003 January 01, 2021 Lease expense 44.000 44 000 3 February 01, 2020 Leare expense Cash 44 000 44000 March 01, 2021 44.000 Lease expense Cash oooooo 44000 5 Apni 01.2021 Lease expense 44000 44000

Answer 1

January 01	no Journal Entry required for Beginning of lease(short term lease)
January 01	lease expense	44,000
	Cash		44000
February 1	lease Expenses	44,000
	Cash		44000
March 1	lease expense	44,000
	Cash		44000
April 1	lease expense	44000
	Cash		44000