Financial Accounting Exam 1 Questions And
Answers
Long term note at issuance Dr Cash
Cr Note Payable
Long term note at interest payment Dr Interest Expense
Cr Cash
Installment Note at Issuance Dr (whatever the asset is)
Cr Note Payable
Installment Note Payment Dr Interest Expense
Dr Note ...
Long term note at interest payment Dr Interest Expense
Cr Cash
Installment Note at Issuance Dr (whatever the asset is)
Cr Note Payable
Installment Note Payment Dr Interest Expense
Dr Note Payable
Cr Cash
Beginning of lease, finance type, lessee Dr Right of Use Asset (PV of payment)
Cr Lease Payable (PV of payment)
, Financial Accounting Exam 1 Questions And
Answers
Beginning of lease, finance type, lessor no selling profit Dr Lease Receivable
Cr Equipment
Beginning of lease, finance type, with selling profit Dr Lease Receivable
Dr COGS
Cr Equipment
Cr Revenue
first lease payment lessee Dr Lease Payable
Cr Cash
first lease payment lessor Dr Cash
Cr Lease Receivable
second lease payment lessee Dr Interest Expense
Dr Lease Payable
Cr Cash
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