question brief exercise 21 8 jennifer brent corporation owns equipment that cost 124 4280927
Question
Brief Exercise 21-8
Jennifer Brent Corporation owns equipment that cost $124,600 and has a useful life of 10 years with no salvage value. On January 1, 2014, Jennifer Brent leases the equipment to Donna Havaci Inc. for one year with one rental payment of $16,100 on January 1.
Prepare Jennifer Brent Corporation’s 2014 journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
January 1, 2014
(To record lease payment.)
December 31, 2014
(To record depreciation.)
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Date |
Account Titles and Explanation |
Debit |
Credit |
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January 1, 2014 |
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(To record lease payment.) |
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December 31, 2014 |
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(To record depreciation.) |
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