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TB Problem 15-195 (Static) 3 Northwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech maJournal entry worksheet < 1 2 3 4 5 > Record the cash received. Note: Enter debits before credits. Date General Journal DebitJournal entry worksheet < 1 2 4 5 3] Record the interest revenue. Note: Enter debits before credits. Date General Journal DebJournal entry worksheet < 1 2 3 4 5 > Record the cash received. Note: Enter debits before credits. Date General Journal Debit

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Answer #1
Date General Journal Debit Credit
Jan 01, 2021 Lease Receivable (40,000 x 3)     120,000
Unearned interest revenue         8,668
Equipment Inventory     111,332
Jan 01, 2021 Cash       40,000
Lease Receivable       40,000
Dec 31, 2021 Unearned interest revenue         5,707
Interest Revenue         5,707
(111,332 - 40,000) x 8%
Jan 01, 2022 Cash       40,000
Lease Receivable       40,000
Dec 31, 2022 Unearned interest revenue         2,963
Interest Revenue         2,963
[111,332 - 40,000 - (40,000 - 5,707)] x 8%
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