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Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
Edition 11ISBN: 978-0538480284 Exercise 4
Journal entries, leases. Mack County has acquired equipment through a noncancelable lease-purchase agreement dated December 31, 2017. This agreement requires no down payment and the following minimum lease payments: 
1. What account should be debited for $120,000 in the general fund at inception of the lease if the equipment is a general fixed asset andMack does not use a capital projects fund?
2. What account should be credited for $120,000 in the general fixed assets account group at inception of the lease if the equipment is a general fixed asset?
3. What journal entry is required for $120,000 in the general long-term debt account group at inception of the lease if the lease payments are to be financed with general government resources?
1. What account should be debited for $120,000 in the general fund at inception of the lease if the equipment is a general fixed asset andMack does not use a capital projects fund?
2. What account should be credited for $120,000 in the general fixed assets account group at inception of the lease if the equipment is a general fixed asset?
3. What journal entry is required for $120,000 in the general long-term debt account group at inception of the lease if the lease payments are to be financed with general government resources?
Explanation
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1. Country M does not use the capital pr...
Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng
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