Lease Transactions and Associated Financial Obligations, Quizzes of Financial Accounting

Download Lease Transactions and Associated Financial Obligations and more Quizzes Financial Accounting in PDF only on Docsity! TERM 1 Acquire Asset and payment on 1/1/01 DEFINITION 1 Lease Asset 47,047 Lease LiabilityLease Liability (its due 1/1/01) 10000 Cash TERM 2 Accrued interest expense on 12/31/01 DEFINITION 2 Interest Expense 2,974 Interest Payable 2,974 TERM 3 Lease Payment on 01/01/02 for interest accrued @ 12/31/01 DEFINITION 3 Lease Liability 7026|plugInterest Payable 2,974 Cash 10000 TERM 4 Accrued interest on 12/31/02 DEFINITION 4 Interest Expense 2342 Interest Payable 2342 TERM 5 Lease Payment on 01/01/03 for interest accrued @ 12/31/02 DEFINITION 5 Lease Liability 7658|plugInterest Payable 2342 Cash 10000