The first four answers are given as per the HomeworkLib policy.Post the next four separately.
1 | Assuming that the lessor accounting period ends on Sep 30 | ||||||||
What items and amounts will appear on the lessors income statement for the yr ended 30th Sep 2018 | |||||||||
SN | Account Title | Debit-$ | Credit-$ | ||||||
Oct 1 2017 | Lease Receivable | 255349 | |||||||
Equipment | 255349 | ||||||||
to record lease receivable | |||||||||
Oct 1 2017 | Cash | 53500 | |||||||
Lease Receivable | 53500 | ||||||||
to record receipt of first installment of lease receivable | |||||||||
30-Sep-18 | Interest Receivable | 20205 | |||||||
Interest Revenue | 20205 | ||||||||
to record interest due on lease receivable | |||||||||
2 | What items and amounts will appear on the lessors Balance Sheet at Sep 30 2018 | ||||||||
Balance Sheet -Partial | |||||||||
for the yr ended Sep 30 2018 | |||||||||
Current Assets | |||||||||
Interest Receivable | 20205 | ||||||||
Lease Receivable | 33095 | ||||||||
Non Current Assets | |||||||||
Lease Receivable | 168954 | ||||||||
3 | What items and amount will appear on the lessor income statement for the yr ended Sep 30th 2019 | ||||||||
SN | Account Title | Debit-$ | Credit-$ | ||||||
Oct 1 2018 | Cash | 53300 | |||||||
Interest Receivable | 20205 | ||||||||
Lease Receivable | 33095 | ||||||||
to record the receipt of installment due on lease receivable | |||||||||
30-Sep-19 | Interest Receivable | 16895 | |||||||
Interest Revenue | 16895 | ||||||||
to record interest due on lease receivable | |||||||||
4 | What items and amounts will appear on the lessor's balance sheet at Sep 30th 2019 | ||||||||
Balance Sheet -Partial | |||||||||
for the yr ended Sep 30 2019 | |||||||||
Current Assets | |||||||||
Interest Receivable | 16895 | ||||||||
Lease Receivable | 36405 | ||||||||
Non Current Assets | |||||||||
Lease Receivable | 132549 |
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